---
title: "Bitcoin Short-Term Holders Move 47,000 BTC to Exchanges at a Loss"
description: "Onchain data from CryptoQuant tracks the third-highest 24-hour loss-making exchange inflow volume since July as Bitcoin slides to $72,670."
url: https://basisdesk.news/news/bitcoin-short-term-holders-loss-exchange-inflows-cryptoquant
published: 2026-11-11T11:21:20.578Z
modified: 2026-11-11T11:21:20.578Z
section: Bitcoin
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: bearish
tickers: [BTC]
tags: [onchain-data, cryptoquant, market-indicators, bitcoin-exchange-inflows]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

# Bitcoin Short-Term Holders Move 47,000 BTC to Exchanges at a Loss

Onchain data from CryptoQuant tracks the third-highest 24-hour loss-making exchange inflow volume since July as Bitcoin slides to $72,670.

## At a glance

- **What happened:** Bitcoin short-term holders transferred 47,025 BTC at an unrealized loss to exchanges as prices fell to an 11-week low of $72,670.
- **Why it matters:** The heavy loss-taking represents the third-largest single-day underwater exchange inflow since July, signaling capitulation below cost basis.
- **Who is affected:** Bitcoin short-term holders and spot market participants.
- **What's next:** Analysts are tracking whether Bitcoin holds above $73,000 to prevent a continuation of the macro downtrend.
- **Primary source:** [Bitcoin short-term holders send 47K BTC to exchanges at a loss](https://cointelegraph.com/markets/bitcoin-speculators-btc-exchanges-unrealized-loss-727k?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound) — cointelegraph.com

## Key points

- Short-term holders deposited 47,025 BTC carrying unrealized losses to exchanges in the 24 hours to midnight UTC on Nov. 11 [1].
- Underwater deposits outpaced profitable deposits 27 to 1 on Nov. 10, as Bitcoin dropped to an 11-week low of $72,670 [1].
- CryptoQuant reported that short-term holders slipped into an aggregate unrealized loss below their $75,700 cost basis [1].

## Editorial remark

- **Context:** Short-term holders entered aggregate profit during the August recovery to $80,000 and peaked during September's climb to $87,200 before slipping underwater again.
- **Impact:** Heightened exchange inflows from underwater short-term market participants typically increase spot sell-side liquidity, weighing on order books.
- **Watch:** Market participants are monitoring whether Bitcoin can sustain trading levels above $73,000 and retest the cohort's $75,700 average cost basis.

Short-term holders transferred 47,025 $BTC at an unrealized loss to centralized exchanges in the 24 hours leading up to midnight UTC on Nov. 11, according to onchain data from analytics platform CryptoQuant [1]. The influx represents the third-largest single-day volume of underwater coins moved to trading venues since July [1]. The transactions coincided with Bitcoin dropping to $72,670, marking an 11-week low last observed on Aug. 20 [1]. At the time of writing, Bitcoin traded at $73,981.

The short-term cohort—defined as addresses holding coins for up to 155 days—demonstrated severe capitulation behavior during the retreat [1]. On Nov. 10, profitable deposits totaled roughly 1,700 BTC, establishing a ratio where approximately 27 BTC arrived at exchanges at a loss for every single coin deposited in profit [1]. CryptoQuant tracked higher single-day loss realizations in recent months only on Oct. 8, when rolling 24-hour transfers peaked at 50,500 BTC after the price retreated to $80,000 [1]. Previously, [Bitcoin broke below trader cost basis](https://basisdesk.news/news/bitcoin-breaks-below-trader-cost-basis-cryptoquant) metrics when testing higher thresholds.

## Bear Trend Continuation Risks

The market structure shift follows short-term holders slipping back into aggregate unrealized losses on Friday after their estimated acquisition cost basis hovered near $75,700 [1]. While the cohort previously achieved peak unrealized profitability in September when the asset reached $87,200, recent downward pressure has invalidated those gains [1]. 

CryptoQuant head of research Julio Moreno stated that if interim price rallies continue stalling near the cohort's average cost basis and net unrealized losses widen, the August recovery increasingly appears to be a pause within a broader cyclical downtrend that began in November 2025 [1]. Moreno noted that a sustained price breakdown below the $73,000 threshold, combined with a failed recovery attempt from underneath that level, would reinforce the probability of an ongoing bear market [1].

## Sources

1. [Bitcoin short-term holders send 47K BTC to exchanges at a loss](https://cointelegraph.com/markets/bitcoin-speculators-btc-exchanges-unrealized-loss-727k?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound) — cointelegraph.com, 2026-11-11

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Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai