MAC_D
Bitcoin: Rising Short-Term Holder Losses Amid Declining Exchange Inflows
Bitcoin continues to face downward pressure, with losses among short-term holders increasing. The Bitcoin Short-Term Holder SOPR (7MA) indicator measures realized profits and losses among short-term holders. A reading below 1 indicates that selling at a loss is dominant. The indicator recently stood at approximately 0.99, slightly below the break-even level. Meanwhile, according to the Bitcoin Short-Term Holder P&L to Exchanges indicator, approximately 32,695 BTC held at a loss by short-term holders flowed into exchanges on November 6, accounting for about 89% of total short-term holder exchange inflows. However, on November 9, when Bitcoin recorded a new low, the amount dropped sharply to approximately 9,900 BTC. This suggests that despite the further decline in price, the reduction in loss-making exchange inflows may indicate easing potential selling pressure. During previous bull markets, periods of declining selling pressure following increased loss realization among short-term holders have sometimes presented favorable accumulation opportunities. Therefore, even if Bitcoin experiences further downside, a continued decline in exchange inflows from short-term holders at a loss could signal easing selling pressure, making the potential for a price rebound worth monitoring.