Recent bitcoin buyers dump about 47,000 underwater BTC onto exchanges as price hits an 11-week low

Summary

Bitcoin short-term holders, investors who have held coins for up to 155 days, sent roughly 47,000 BTC to exchanges in a 24-hour window while those coins were worth less than their purchase price, according to CryptoQuant data cited by Cointelegraph and Decrypt.

Cointelegraph put the figure at 47,025 BTC in the 24 hours to midnight UTC at the start of Wednesday, the third-highest such total since July, while Decrypt cited CryptoQuant's latest chart at roughly 47,300 BTC, or about $3.6 billion including a small amount sent at a profit.

The flows came as bitcoin fell to $72,670, its lowest level since Aug. 20, after slipping below short-term holders' average cost basis of about $75,700, Cointelegraph reported.

Decrypt cautioned that the data shows transfers to exchanges, not completed sales, since deposits can also be used for trading into other tokens or as collateral.

Key facts

• Cointelegraph: CryptoQuant said profitable transfers stood near 1,700 BTC on Nov. 10, meaning about 27 BTC arrived at a loss for every 1 BTC sent at a profit; Decrypt attributed the same quote to CryptoQuant contributor Amr Taha. (Cointelegraph)
• Decrypt: Taha identified two large waves of underwater exchange deposits over the past week, 50,790 BTC on Nov. 3 and 46,060 BTC on Nov. 10. (Decrypt)
• Decrypt: Binance received 8,114 BTC on Nov. 3 from coins last moved one day to one week earlier, per CryptoQuant. (Decrypt)
• Cointelegraph: the largest 24-hour loss-making inflows since late July came on Oct. 8, hours after bitcoin fell back to $80,000, with rolling inflows peaking at 50,500 BTC. (Cointelegraph)
• Cointelegraph: CryptoQuant head of research Julio Moreno wrote that 'a sustained break below $73,000 followed by a failed retest from below would strengthen the case for bear-market continuation.' (Cointelegraph)
• Decrypt: Glassnode identified about 4 million BTC held by longer-term investors that were acquired between $85,000 and $118,000. (Decrypt)
• The outlets differ on the exact 24-hour total (47,025 BTC per Cointelegraph vs. roughly 47,300 BTC per Decrypt, which used a later chart reading) and on the recent peak: Decrypt described late-September highs above $85,000, while Cointelegraph said bitcoin climbed to $87,200 in September. (Decrypt)

Related stories

• Bitcoin drops below $72,000 as spot ETFs bleed $1.44 billion in five days and BlackRock's IBIT loses $2 billion in nine
• Bitcoin treasury firm Nakamoto owes Kraken $165 million, more than its market value, as Q3 operating revenue turns negative
• Binance sets aside $6.34 billion to cover record hack as TRM and Chainalysis tie it to North Korea's TraderTraitor