Bitcoin Holders Transfer 47,025 BTC to Exchanges Below Their Purchase Prices

What happened: CryptoQuant data cited in the supplied reporting showed 47,025 BTC moving to exchanges at a loss during the 24 hours ending at midnight UTC on November 11. The accompanying report put combined inflows at approximately 48,500 BTC, worth around $3.6 billion at the report’s approximately $74,000 Bitcoin valuation, with only about 1,100 BTC arriving at a profit. Bitcoin also touched a reported 11-week low of $72,670, below the approximately $75,700 short-term-holder cost basis, while CryptoQuant analyst Julio Moreno cautioned that the downtrend beginning in November 2025 might remain intact.

Why it matters: Transfers made below acquisition cost suggest stress among recent buyers, but deposits should be read as potential selling capacity rather than proof that every transferred coin was sold. The historical valuation attached to the $3.6 billion estimate also differs from today’s supplied market snapshot, so the figures should not be presented as simultaneous observations. Although the supplied research notes that heavy loss-transfer episodes have sometimes accompanied near-term lows, this episode alone cannot establish a bottom; the stronger conclusion is that holders facing losses were moving substantial inventory toward trading venues while ETF demand was also weakening.

Source: Decrypt; CryptoQuant figures: KuCoin News.