Bitcoin short-term holders sent 47,025 BTC to exchanges at an unrealized loss during the 24 hours ending at 00:00 UTC on November 11, 2026, according to CryptoQuant data reported by Cointelegraph. Separately, Decrypt reported about $3.6 billion in combined exchange transfers, including both loss-making and profitable transfers. Bitcoin was below the group’s estimated cost basis, but an exchange deposit doesn’t prove a sale.
Key Takeaways
- CryptoQuant data cited by Cointelegraph put loss-making transfers at 47,025 BTC, the third-highest 24-hour total since July.
- Decrypt’s approximately $3.6 billion figure covers about 48,500 BTC in total, valued near $74,000 per BTC, including profitable transfers.
- Bitcoin fell to $72,670, below short-term holders’ estimated $75,700 cost basis, according to Cointelegraph.
- Inflows show coins moving to exchanges, not confirmed sales. Subsequent prices and flows will matter.
What bitcoin short-term holders sent to exchanges
CryptoQuant data cited by Cointelegraph showed 47,025 BTC sent to exchanges at an unrealized loss in the 24 hours ending at midnight UTC on November 11. Cointelegraph described it as the third-largest daily inflow of this kind since July. The measure compares deposited coins’ estimated value with their acquisition prices.
Decrypt reported that about 48,500 BTC moved to exchanges, worth approximately $3.6 billion at a price near $74,000 per coin. Its chart showed about 47,300 BTC in loss-making transfers and roughly 1,100 BTC transferred at a profit. The totals differ slightly, but both reports show flows dominated by coins at a loss.
The $3.6 billion figure combines profitable and loss-making transfers. It isn’t a record of confirmed sales. Deposits may precede a sale, but can also support trading, collateral arrangements or other exchange services. The data indicates potential pressure, not a completed transaction.
Background and context for bitcoin short-term holders
CryptoQuant generally defines short-term holders as people who have held Bitcoin for fewer than 155 days. Tracking this group offers one measure of recent-holder activity, but the data doesn’t explain why each person moved coins or what they plan to do.
Cointelegraph said Bitcoin fell to $72,670, its lowest level since August 20, and below the group’s average cost basis of about $75,700. Buyers who acquired coins above that level would have paper losses. Exchange deposits may be for trading, collateral, or other exchange services, and do not establish each holder’s motive.
CryptoQuant contributor Amr Taha reported that short-term holders moved 50,790 BTC at a loss on November 3 and 46,060 BTC on November 10. On November 10, profitable transfers were near 1,700 BTC, or about 27 BTC moved at a loss for every 1 BTC moved at a profit.
CryptoQuant also tracked Binance deposits by coin age. It recorded 3,290 BTC last moved one day to one week earlier arriving on November 1, then 8,114 BTC in that age group on November 3. On November 9, it identified 1,925 BTC last moved one to three months earlier. These movements don’t prove the coins were sold.
Decrypt cited Glassnode data identifying about 4 million BTC held by longer-term investors and acquired between $85,000 and $118,000. With Bitcoin around $73,000 to $74,000 on November 11, that supply was below its acquisition range. The data doesn’t show that holders intend to sell.
Market reaction to bitcoin short-term holders’ transfers
The price drop and exchange flows occurred together, but the figures don’t establish that deposits caused the decline. Cointelegraph reported the $72,670 low. At 23:13 UTC on November 11, Bitcoin was at $73,523, according to CoinGecko market data, down 7.91% over seven days and 10.51% over 30 days.
| Measure | Reading | Time or period |
|---|---|---|
| Bitcoin price | $73,523 | November 11, 2026, 23:13 UTC |
| Reported low | $72,670 | Reported November 11 by Cointelegraph |
| Loss-making exchange transfers | 47,025 BTC | 24 hours ending at midnight UTC, November 11 |
| Crypto Fear & Greed Index | 29, Fear | November 11, 2026 |
Cointelegraph reported that CryptoQuant head of research Julio Moreno said a sustained break below $73,000, followed by a failed retest from below, would strengthen the case for a continuing broader downtrend. Moreno said that trend began in November 2025. This is a conditional technical assessment, not a prediction.
The Crypto Fear & Greed Index stood at 29, classified as Fear, on November 11. It’s a sentiment snapshot, not a forecast. Bitcoin’s price can rise or fall, and exchange inflows alone do not establish that deposited coins were sold.
Current flow data isn’t a direct measure of exchange solvency or market direction.
What to watch next
Watch whether loss-making deposits stay elevated or fade. Another large daily inflow could indicate continued stress among recent buyers; a lower reading would mean fewer coins moved at a loss on this measure. Neither confirms a market bottom or a wave of selling.
Price behavior around $73,000 matters because of Moreno’s stated condition. A sustained break below it and a failed recovery would fit his downtrend scenario. Bitcoin’s movement around the approximately $75,700 short-term-holder cost basis may also show whether newer buyers remain broadly underwater.
CryptoQuant exchange data and coin-age groups are other factors to follow. Deposits have multiple possible uses, and totals may differ by time window or methodology. Read them alongside prices and trading activity, not as a standalone signal to buy or sell.
FAQ
What does bitcoin short-term holders mean?
CryptoQuant generally uses the term for Bitcoin holders whose coins have been held for fewer than 155 days. The category helps analysts study newer buyers, but doesn’t identify their individual plans.
Does a Bitcoin exchange inflow mean investors sold?
No. An inflow records BTC transferred to an exchange. The coins could be sold, used as collateral or moved for another exchange service, so deposits aren’t confirmed sales.
Why did bitcoin short-term holders send coins at a loss?
The data shows the coins’ market value was below their estimated acquisition price when transferred, but doesn’t reveal each holder’s motive. Cointelegraph reported that Bitcoin was below the group’s estimated $75,700 cost basis on November 11.
Sources
- Bitcoin Short-Term Holders Send $3.6 Billion in BTC to Exchanges at a Loss (Decrypt)
- Bitcoin short-term holders send 47K BTC to exchanges at a loss (Cointelegraph)
- Bitcoin short-term holders send 47K BTC to exchanges at a loss (cointelegraph.com)
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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