Bitcoin (BTC) short-term holders sent more than 47,000 BTC to exchanges on Tuesday as Bitcoin fell to an 11-week low, with the coins worth less than their purchase price.

Key points:

• Short-term holders moved 47,025 BTC to exchanges while the coins were worth less than their acquisition price.

• The 24-hour total was the third-highest since July, according to CryptoQuant.

• CryptoQuant’s Julio Moreno said a sustained break below $73,000 and a failed rebound above that level would strengthen the case that Bitcoin’s broader downtrend was continuing.

Short-term holders’ underwater exchange inflows rank third since July

Data from onchain analytics platform CryptoQuant showed short-term holders sent 47,025 BTC carrying unrealized losses to exchanges in the 24 hours to midnight UTC at the start of Wednesday.

The tally was among the largest 24-hour totals in the four months of data tracked by CryptoQuant and came as Bitcoin dropped to $72,670, its lowest level since Aug. 20.

The short-term holder metric tracks Bitcoin held for up to 155 days. Short-term holders are generally considered more likely to sell when prices fall, even at a loss.

“On November 10, profitable transfers stood near 1,700 BTC, meaning approximately 27 BTC arrived at a loss for every 1 BTC transferred at a profit,” CryptoQuant said.

The largest 24-hour inflows of BTC carrying unrealized losses since late July occurred on Oct. 8, hours after Bitcoin fell back to $80,000. Rolling 24-hour inflows peaked at 50,500 BTC.

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Short-term holders’ exchange inflows of BTC carrying unrealized losses. Source: CryptoQuant

CryptoQuant analyst flags $73,000 as Bitcoin tests August lows

Cointelegraph previously reported that short-term holders’ average cost basis was around $75,700.

Related: Stock ETF buyers pounce on dip as Bitcoin funds bleed $1.6 billion

Short-term holders moved into an aggregate unrealized profit on Aug. 20 as Bitcoin rebounded toward $80,000. They slipped back into an aggregate unrealized loss on Friday.

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STH cost basis vs. BTC/USD. Source: CryptoQuant

CryptoQuant head of research Julio Moreno said Bitcoin could still be in the downtrend that began in November 2025.

“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 wrote on Monday.

“A sustained break below $73,000 followed by a failed retest from below would strengthen the case for bear-market continuation.”
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STH-NUPL vs. BTC/USD. Source: CryptoQuant

CryptoQuant’s net unrealized profit/loss (NUPL) metric showed that short-term holders reached their highest level of unrealized profitability since November 2025 as Bitcoin climbed to $87,200 in September.