96% of Older Bitcoin Sent to Exchanges on Nov. 10 Was at a Loss

Recent market data highlights significant movement within the long-term holding cohort, with many investors choosing to move assets despite unfavorable price conditions. When analyzing the oldest Bitcoin addresses and market activity, it is clear that loss-aversion is currently a dominant theme for long-term holders.

On November 10, long-term holders—defined by analytics provider CoinGlass as those holding for at least 155 days—transferred approximately 5,950 BTC to exchanges below their estimated acquisition cost. While the total volume of these below-cost deposits saw a 29.22% decline compared to the previous day, these underwater coins still accounted for roughly 96% of the total inflows from this specific cohort. The total volume of coins moved by this group reached 6,182.67 BTC, with only 232.72 BTC arriving at exchanges above their acquisition cost.

Approximately 96% of older Bitcoin deposited to exchanges on November 10 was moved at a loss.

Understanding Old Bitcoin Wallets and Market Pressure

It is important to note that these transfers to exchanges represent potential trading supply under loss pressure, though they do not necessarily establish completed sales. The data is part of a broader trend of seller aggression observed in the market. Separate trading data from Glassnode, as reported by CryptoSlate, showed that November 9 saw higher spot turnover alongside a negative spot cumulative volume delta, indicating that sell-initiated volume exceeded buy-initiated volume.

Further evidence of this trend is found in the long-term-holder spent output profit ratio (LTH-SOPR). For November 9, this metric stood at 0.82063, well below the break-even level of 1.0. This ratio, which compares the aggregate dollar value of older coins when spent against their value at creation, confirms that these coins were moved at an aggregate loss across the network.

Why it matters

The current behavior of long-term holders suggests a period of heightened supply pressure. As these older coins move to exchanges, market participants are watching to see if the volume of below-cost deposits continues to decline or if the underwater mix remains the dominant trend.

For investors and market observers, the key signals to monitor are the ongoing shifts in exchange inflows and the persistence of loss-realization among long-term holders. Understanding these patterns provides context for the broader supply dynamics currently influencing the market.