Bitcoin tumbled to an 11-week low of $72,670 on Wednesday (11/11). That drop broke below the average cost basis of short-term holders (STH), which sits around $75,700.
On-chain analytics data from CryptoQuant showed that short-term holders transferred 47,025 BTC at an unrealized loss to exchanges within the 24 hours leading up to midnight UTC on Wednesday. That flow marks one of the largest 24-hour transfers tracked by CryptoQuant over the past four months.
The impact of the price drop was immediately evident in coin movement patterns, as short-term holders opted to shift their assets to exchanges.
Transfer Ratio of 27 Loss-Making Coins to One in Profit
The imbalance in exchange inflows was apparent in the transfer ratio on November 10. CryptoQuant data recorded roughly 27 BTC entering exchanges at a loss for every 1 BTC transferred in profit. On that same day, transfer volumes realizing a profit totaled only about 1,700 BTC.
A similar wave of loss-making transfers occurred on October 8. When Bitcoin’s price corrected to $80,000 on that date, total loss-making coin inflows to exchanges reached 50,500 BTC within a 24-hour window.
CryptoQuant metrics define short-term holders as coins held by investors for up to 155 days. Historically, this speculative cohort has been the most vulnerable to panic selling when prices fall below their cost basis.
Risk Warning for Price Recovery Since August
The financial standing of the STH cohort is tracked through the Net Unrealized Profit/Loss (NUPL) metric. The indicator shows short-term holders re-entered an aggregate loss territory on Friday. This marks a reversal from September, when Bitcoin reached $87,200 and lifted the cohort’s profitability to its highest level since November 2025.
This shift prompted caution from CryptoQuant Head of Research Julio Moreno. Moreno warned that if price rebounds continue to stall near the short-term holder cost basis and net losses deepen, the recovery since August risks turning out to be merely a temporary pause in a broader downtrend that began in November 2025.
For daily market participants, monitoring Bitcoin’s ability to hold near the $75,700 cost basis has now become a crucial benchmark to gauge whether speculative selling pressure will subside or intensify.
Reported by Cointelegraph.
Also read: How to Read Candlestick Charts for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
