Recent buyers went from cashing out near 80K to sending coins to exchanges at a loss near 75.5K in a single day.

STH P&L to Exchanges, 24H sum (Nov 5 08:00 -> Nov 6 09:00 UTC):

In profit: 29,849 -> 4,089 BTC

In loss: 2,559 -> 32,695 BTC

Loss share of total STH inflow: 89%

Price: 80.5K -> 75.5K

This is the 3rd loss wave above 30K BTC in 8 days (Oct 30, Nov 3, Nov 6), and the 4th since Oct 8. Each one ended at a lower low: 80.7K -> 76.6K -> 76.1K -> 75.5K. 75.5K is the lowest price since Sep 16.

The profit side shows where recent buyers exit. Every bounce this month brought a profit-taking spike, each at a lower price:

Oct 21: 37,790 BTC at 83.5K

Oct 28: 26,978 BTC at 81.3K

Nov 5: 29,849 BTC at 80.5K

Coins sent to exchanges are not sold yet. They show who is ready to sell, and right now it’s the newest buyers, at a loss.

Each loss wave so far bought a short bounce. A bottom needs a wave that ends without a new low. Until then, 75.5K has to hold, and rallies toward 80K are where short-term holders have been selling. ⚠️

Written by IT Tech