Short-term holders moved 47,025 BTC to exchanges while the coins were worth less than their purchase price.
The 24-hour total was the third-largest since July, according to CryptoQuant. Julio Moreno of CryptoQuant said that a sustained drop below US$ 73.000 and an unsuccessful recovery above that level would strengthen the case that Bitcoin’s broader downtrend was continuing.
Short-term holder exchange inflows at an unrealized loss rank third since July
Data from the on-chain analytics platform CryptoQuant showed that short-term holders sent 47,025 BTC at an unrealized loss to exchanges in the 24 hours leading up to midnight UTC early Wednesday.
The total was among the largest 24-hour accumulations in the four months of data monitored by CryptoQuant and came as Bitcoin fell to US$ 72.670, its lowest level since August 20.
The short-term holder metric tracks bitcoins 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 were close to 1,700 BTC, meaning that approximately 27 BTC arrived at a loss for every 1 BTC transferred at a profit,” CryptoQuant said.
The 24-hour total was the third-largest since July, according to CryptoQuant. Julio Moreno of CryptoQuant said that a sustained drop below US$ 73.000 and an unsuccessful recovery above that level would strengthen the case that Bitcoin’s broader downtrend was continuing.
Short-term holder exchange inflows at an unrealized loss rank third since July
Data from the on-chain analytics platform CryptoQuant showed that short-term holders sent 47,025 BTC at an unrealized loss to exchanges in the 24 hours leading up to midnight UTC early Wednesday.
The total was among the largest 24-hour accumulations in the four months of data monitored by CryptoQuant and came as Bitcoin fell to US$ 72.670, its lowest level since August 20.
The short-term holder metric tracks bitcoins 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 were close to 1,700 BTC, meaning that approximately 27 BTC arrived at a loss for every 1 BTC transferred at a profit,” CryptoQuant said.
