Bitcoin short-term holders send 47K BTC to exchanges at a loss

Bitcoin (BTC) short-term holders sent more than 47,000 BTC to exchanges on Tuesday as Bitcoin fell to an 11-week low, with the coins worth less than their purchase price.

Short-term holders moved 47,025 BTC to exchanges while the coins were worth less than their acquisition price.

The 24-hour total was the third-highest since July, according to CryptoQuant.

CryptoQuant’s Julio Moreno said a sustained break below $73,000 and a failed rebound above that level would strengthen the case that Bitcoin’s broader downtrend was continuing.

Short-term holders’ underwater exchange inflows rank third since July

Data from onchain analytics platform CryptoQuant showed short-term holders sent 47,025 BTC carrying unrealized losses to exchanges in the 24 hours to midnight UTC at the start of Wednesday.