CryptoSlate
Bitcoin long-term holders deposited about 5,950 BTC at exchanges below their estimated acquisition cost on Nov. 10, accounting for roughly 96% of the cohort's 6,182.67 BTC in total deposits. Another 232.72 BTC arrived above cost, while the below-cost flow fell 29.22% from the previous day, according to CoinGlass.
Why it matters
The deposits put potentially available trading supply on exchanges under loss pressure, but a transfer does not establish that a sale took place. CoinGlass defines its long-term holder cohort around a 155-day holding boundary and measures loss inflows using estimated acquisition costs.
A separate gauge showed older coins moving at an aggregate loss across the network. Long-term-holder spent output profit ratio, or LTH-SOPR, was 0.82063 on Nov. 9, below the break-even level of 1. Unlike the exchange deposit measure, it covers spending across the network.
Market impact
Separate Glassnode data showed higher spot turnover alongside negative spot cumulative volume delta on Nov. 9, meaning sell-initiated volume exceeded buy-initiated volume, CryptoSlate reported.
The next signals to watch are whether below-cost deposits continue to fall and whether their share of long-term holder exchange inflows declines. The latest daily flow was smaller, but remained predominantly underwater.
Frequently asked questions
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Did the Bitcoin exchange deposits confirm sales?
No. Transfers to exchanges represent potential trading supply, but do not establish that the Bitcoin was sold.
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How did below-cost Bitcoin deposits change from the prior day?
CoinGlass reported a 29.22% daily decline in Bitcoin long-term holders deposited below estimated acquisition cost on Nov. 10.
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How does CoinGlass define a Bitcoin long-term holder?
CoinGlass defines its long-term holder cohort around a 155-day holding boundary.
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What did the Nov. 9 long-term-holder SOPR reading show?
The reading of 0.82063 was below the break-even level of 1, meaning older coins spent across the network moved at an aggregate loss.
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What did negative spot cumulative volume delta indicate?
It indicated that sell-initiated spot volume exceeded buy-initiated volume in the Nov. 9 Glassnode snapshot.
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