Originally reported November 11, 2026, at 19:05 UTC+8.
Bitcoin short-term holders sent 47,025 BTC to exchanges in the 24 hours ending at 00:00 UTC on November 11, according to CryptoQuant. The coins were worth less than their acquisition price when transferred. That was the third-highest such 24-hour total since July, as Bitcoin fell to $72,670, its lowest level since August 20. An exchange transfer does not, by itself, confirm a sale.
CryptoQuant defines short-term holders as those holding Bitcoin for up to 155 days. It said transfers of coins above their acquisition price totaled about 1,700 BTC on November 10—roughly 27 BTC transferred at a loss for every 1 BTC transferred at a profit. The largest rolling 24-hour inflow of underwater short-term-holder coins since late July reached 50,500 BTC on October 8, hours after Bitcoin fell back to $80,000.
Cointelegraph had previously reported an average short-term-holder cost basis near $75,700. The group returned to an aggregate unrealized loss on the Friday before publication, after moving into aggregate unrealized profit during Bitcoin’s August 20 rebound toward $80,000. CryptoQuant’s net unrealized profit/loss metric showed the group’s highest unrealized profitability since November 2025 when Bitcoin climbed to $87,200 in September.
CryptoQuant head of research Julio Moreno said on November 9 that the August rebound could prove to have been a pause in the downtrend that began in November 2025. In his assessment, a sustained move below $73,000, followed by a failed retest from below, would strengthen the case for that downtrend continuing. That is a conditional reading, not a confirmed outcome.
Source: cointelegraph.com (originally published 2026-11-11 19:05 UTC+8)
