CoinGlass data show that on November 10, approximately 96% of the Bitcoin transferred to exchanges by long-term holders was below its estimated purchase cost. The amount transferred below cost was about 5,950 BTC, down 29.22% from the previous day. CoinGlass also reported that the long-term holder spent output profit ratio was 0.82063 on November 9, indicating that older Bitcoin spent on the network was generally at a loss. Bitcoin transferred to exchanges represents potential trading supply, but these transfers do not prove that selling has taken place.