Short-Term Holders Transfer Over 46,000 BTC to Exchanges Amid Price Drop

Short-term Bitcoin (BTC) holders significantly increased the volume of transfers to cryptocurrency exchanges after the price of the leading cryptocurrency fell to $72,670 – the lowest level since August 20, 2026.

According to the analytical platform CryptoQuant, on November 10, owners of recently acquired coins transferred more than 46,000 BTC to exchanges, with their value at the time of transactions being below the purchase price.

Cointelegraph reports a figure of 47,025 BTC, while CryptoQuant analyst Amr Taha indicates 46,060 BTC. Despite discrepancies in exact values, both sources record a significant volume of coins entering exchanges at a loss. However, transferring BTC to an exchange does not necessarily mean a sale. Users may move assets to facilitate trading operations or for other purposes. Therefore, the volume of exchange inflows should be viewed as potential supply rather than confirmed realized losses.

For every profitable transfer, there were about 27 BTC with a loss

In on-chain analytics, short-term holders are typically participants whose coins belong to a group with a holding period of no more than 155 days.

According to CryptoQuant, on November 10, the volume of inflows to exchanges from this group at a price above the acquisition cost was approximately 1,700 BTC. Thus, for every Bitcoin transferred with potential profit, there were about 27 BTC transferred at a price below the calculated purchase cost.

Analysts have also recorded large waves of similar transfers previously. Notably, on November 3, CryptoQuant reported an inflow of 50,790 BTC from short-term holders whose coins were at a loss.

Such indicators may suggest increased pressure from potential sellers, especially when the market price declines. However, they do not in themselves establish what portion of the transferred funds was actually sold.

The average purchase price for short-term holders is $75,700

An additional factor of market pressure was Bitcoin's drop below the average acquisition cost of coins by short-term holders.

According to CryptoQuant's head of research Julio Moreno, this figure is around $75,700. When BTC trades below this level, the aggregate position of the group in question may shift into the area of unrealized loss. In a study dated November 10, Moreno noted the deterioration of several on-chain indicators. The STH-MVRV ratio, reflecting the ratio of the current market value of short-term holders' coins to their calculated acquisition cost, fell from 1.17 at the beginning of October to 0.994 at the close of November 9.

A value below one indicates that the aggregate market value of the group in question has become slightly lower than its calculated acquisition cost. Simultaneously, the adjusted STH-NUPL indicator, assessing the ratio of unrealized profits to losses, also fell below zero.

However, Moreno noted that the current unrealized losses are still less significant than during certain periods in February and June 2026.

CryptoQuant highlighted the $73,000 level

According to Moreno, the future dynamics of Bitcoin will depend on whether buyers can support the price and bring it back above the average acquisition cost of short-term holders.

“A sustained break below $73,000 followed by a failed retest from below would strengthen the case for bear-market continuation,” wrote CryptoQuant analyst.

In translation: “A sustained break below $73,000 with a subsequent failed attempt to return above this level would strengthen arguments for the continuation of the bear market.”

Moreno also warned that if growth attempts are regularly halted near the average acquisition price of short-term holders, and their unrealized losses continue to increase, the August recovery may turn out to be just a temporary pause in a longer downward trend. However, such a scenario is not predetermined. A recovery in demand and a reduction in BTC inflow to exchanges could change the current situation.

Thus, the sharp increase in coin transfers to exchanges and the deterioration in the profitability of short-term holders indicate ongoing pressure on Bitcoin. However, the future direction of the market will depend on the price behavior relative to $73,000 and $75,700, as well as the ability of buyers to absorb potential supply.