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Short-term Bitcoin holders moved about 47,025 BTC to exchanges while those coins were worth less than their purchase price, as Bitcoin fell to an 11-week low of $72,670, according to AMBCrypto. The same report put spot Bitcoin ETF flows at -$1.043 billion over the three trading days from November 5 to November 9.
Decrypt reported a similar loss-making deposit wave, with roughly 47,300 BTC arriving at exchanges at a loss over 24 hours against only about 1,100 BTC at a profit. CryptoQuant contributor Amr Taha separately recorded 46,060 BTC in loss-making deposits on November 10, following a 50,790 BTC spike on November 3. Cointelegraph noted that the 24-hour total was the third-highest since July and came as Bitcoin dropped to its lowest level since August 20.
Also read: Galaxy Says Bitcoin Bear Market Ended in June, Eyes $125K
Key facts
- Spot Bitcoin ETF flows measured -$1.043B from November 5 to November 9, per AMBCrypto.
- Bitcoin’s short-term holder SOPR stood at 0.99, a reading below 1 that signals loss-taking dominates, AMBCrypto reported.
- On November 6, 32,695 BTC held at a loss by short-term holders flowed into exchanges, 89% of total short-term holder exchange inflows, per AMBCrypto.
- MARA Holdings sold 13,597 BTC at an average of $81,039 per coin over six weeks, raising $1.1B for its AI data-center pivot, AMBCrypto reported.
- Glassnode identified about 4 million BTC held by longer-term investors acquired between $85,000 and $118,000, per Decrypt.
Loss realization and what followed
AMBCrypto reported, citing analyst MAC_D, that loss-making short-term holder inflows to exchanges dropped to 9,900 BTC on November 9 even as the price slipped from $75.7K to $74.8K. The analyst wrote on CryptoQuant that declining sell pressure after heavier loss realization has historically preceded potential rebounds.
The reports differ on scale: Cointelegraph’s 47,025 BTC figure covers the 24 hours to midnight UTC at the start of Wednesday, while Decrypt’s 47,300 BTC covers a 24-hour window and notes combined inflows near 48,500 BTC, about $3.6 billion at roughly $74,000. Decrypt also cautioned that the CryptoQuant chart tracks transfers rather than completed sales, and that deposits can serve trading, collateral or other purposes.
AMBCrypto cited analyst DV Moreno, who wrote that the pullback removed the short-term holders’ profit cushion, with STH MVRV below 1 and short-term holder NUPL slipping below zero, though unrealized losses were shallower than in February or June. Cointelegraph reported that the Crypto Fear and Greed Index showed 26, and that the short-term Sharpe ratio turned negative.
Why it matters
Recent buyers are the group most exposed to a sudden price reversal, and the shift from profit-taking to loss-taking changes the character of selling pressure. Broader signals accompanied it: MARA’s sales, ETF outflows and a Glassnode-flagged pocket of underwater longer-term supply above current prices all weigh on the market. AMBCrypto noted that Hyperliquid trading volume for equities surpassed Bitcoin volume as traders bought the stock market dip.
What to watch
CryptoQuant head of research Julio Moreno said on Monday that if rallies keep stalling near the cohort’s cost basis and net unrealized losses deepen, the August rebound starts to look like a pause in the broader downtrend. He flagged a sustained break below $73,000 followed by a failed retest from below as the signal strengthening the bear-market case. AMBCrypto also cited $73,000 as the level whose breach would reinforce that argument.
This article is not financial advice, and cryptocurrency markets are volatile and uncertain.
Reported by AMBCrypto.
Sources: AMBCrypto, Decrypt, Cointelegraph