Bitcoin short-term holders are continuing to send loss-making coins to exchanges, adding to pressure on investor sentiment, according to on-chain analyst Axel Adler Jr.

In a newsletter on Oct. 27, Adler said his analysis of Bitcoin that moved within the past six months showed inflows of loss-making coins from short-term holders remained dominant.

The 24-hour exchange inflow balance for short-term holders stood at negative 18,600 BTC that day, Adler wrote. That marked a reversal from positive 10,400 BTC a week earlier. The figure fell as low as negative 23,100 BTC on Oct. 26.

A negative reading means that, among short-term holder coins moved to exchanges, coins sitting at a loss outnumbered those in profit. Exchange deposits, however, do not necessarily mean the coins were sold.

During the same period, the share of exchange inflows tied to profit-taking plunged to 16% from 75%. Most coins now moving to exchanges are coming from positions that are underwater.

“The imbalance in loss-making inflows has eased somewhat from the previous day’s low, but it remains substantial,” Adler wrote. Selling pressure can be seen as easing only if the share of profit-taking inflows rises back above 50% and the exchange inflow balance turns positive again.