CryptoQuant data shows that in the 24 hours before midnight UTC at the start of Wednesday, short-term Bitcoin holders transferred 47,025 BTC in an unrealized-loss position to exchanges. CryptoQuant ranked this as the third-highest total since July. Bitcoin fell to $72,670, an 11-week low, below the group’s average purchase price of around $75,700. Julio Moreno, head of research at CryptoQuant, said that if Bitcoin continues to fall below $73,000 and fails to rebound above that level, it would further support the view that the bear market will continue.