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44,000 BTC Hit Exchanges at a Loss in the Second-Biggest Spike Since July
Bitcoin’s latest sell-off put short-term holders under pressure on both sides of breakeven. Underwater coins rushed to exchanges, while deposits from coins still in profit climbed from November 1. The combination suggests recent buyers were looking to reduce exposure, whether to cut losses or protect gains. At the November spike, short-term holders sent roughly 44,000 BTC to exchanges below their on-chain cost basis in 24 hours, the second-largest loss-side inflow in the chart. Only October 8 was larger, at roughly 50,000 BTC on the same chart. Total short-term holder inflows peaked near 57,000 BTC in November versus roughly 71,000 BTC on October 8. By the latest reading, loss-side inflows had cooled to 23,600 BTC, while coins deposited in profit accounted for 22,500 BTC of the 46,200 BTC total. The rush to move underwater coins has eased, but nearly half of the remaining flow is coming from coins that still carry gains. That fits a market where holders are also using signs of stabilization to protect what remains of their profit. These deposits represent BTC available for sale, with execution still unverified. October 8 offers a useful comparison. Bitcoin bounced after the larger wave of distressed deposits, then went on to trade below that episode’s low. November’s spike could likewise set up a relief bounce if the most urgent sellers have already acted.