Bitcoin Short-Term Holders Deposit 47,000 BTC at a Loss on Exchanges

Short-term Bitcoin holders sent about 47,000 BTC carrying unrealized losses to exchanges in a single day this week, Cointelegraph reported on November 11, citing CryptoQuant data.

According to the report, short-term holders deposited 47,025 BTC with unrealized losses in the 24 hours to midnight UTC at the start of Wednesday. That was the third-highest 24-hour total since July and among the largest in the four months CryptoQuant has tracked. The deposits coincided with Bitcoin falling to $72,670, its lowest level since August 20, Cointelegraph said. The largest comparable inflow was on October 8, when rolling 24-hour deposits peaked at about 50,500 BTC.

Crypto Insiders, using CryptoQuant data from researcher Amr Taha, put the November 10 flow at 46,060 BTC, just over 3 billion euros at that day’s closing price. The two outlets measure slightly different windows, which may explain the gap. Crypto Insiders added that only about 1,700 BTC arrived at exchanges at a profit, or roughly 27 BTC at a loss for every one at a profit.

Short-term holders are investors who have held coins for up to 155 days. Their average cost basis was about $75,700, Cointelegraph reported, above the current price. Crypto Insiders cautioned that exchange deposits show coins became available for trading but do not prove they were sold.

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Sources:

• Cointelegraph: Bitcoin Short-Term Holders Send 47K BTC to Exchanges at a Loss

• Crypto Insiders: Bitcoin-kopers sturen voor 3 miljard euro met verlies naar beurzen