Recent buyers of Bitcoin are transferring tens of thousands of coins to cryptocurrency exchanges at prices below what they paid, adding to concerns about selling pressure as the asset slides toward the low-$70,000 range.

Data from CryptoQuant's latest short-term holder profit-and-loss chart shows roughly 47,300 BTC reaching exchanges below their acquisition price within a 24-hour window, against only about 1,100 BTC arriving in profit. Total inflows came to approximately 48,500 BTC — roughly $3.6 billion at Bitcoin's current price of about $74,000. Figures like these come from on-chain analytics firms that tag exchange-controlled wallets and group coins by how long they have been held, offering one of the few public windows into how recent buyers behave during drawdowns.

Transfers, not completed sales

The figures measure deposits, not confirmed sales. Moving Bitcoin onto an exchange often precedes selling, but coins can also be deposited to trade into other tokens, post as collateral, or use other services, and the data does not show exactly how much of the transferred Bitcoin was subsequently sold. What happens to exchange balances after inflow spikes — whether coins stay on-platform or move back out to self-custody — is a detail the deposit data alone cannot settle.

The distinction is significant because the chart follows short-term holders, whom CryptoQuant generally defines as investors who have held Bitcoin for less than 155 days. This cohort is typically the most exposed to a sharp price reversal, especially when its holdings trade below cost.

New buyers are moving coins underwater

In a November 11 CryptoQuant analysis, contributor Amr Taha flagged two large waves of underwater exchange deposits over the prior week: 50,790 BTC on November 3 and 46,060 BTC on November 10.

"On November 10, profitable transfers stood near 1,700 BTC, meaning approximately 27 BTC arrived at a loss for every 1 BTC transferred at a profit," Taha wrote.

That is an unusually one-sided flow: coins are overwhelmingly entering exchanges at prices beneath their purchase levels rather than being cashed out from the earlier rally's gains. Loss-to-profit ratios like this give analysts a way to compare how stretched recent buyers are across different periods of the price cycle.

Similar surges have appeared repeatedly in recent months as Bitcoin's price swung in both directions, and the latest spike ranks among the deepest readings visible since July.

Why Binance is seeing activity from recent coins

Another CryptoQuant chart breaks deposits to Binance down by the time since each coin last moved on-chain. It recorded 3,290 BTC arriving from coins last active one day to one week earlier on November 1, followed by a far larger 8,114 BTC from the same category on November 3. On November 9, the platform also took in 1,925 BTC from coins last moved one to three months earlier, according to Taha's analysis.

Binance is one of the largest crypto exchanges by trading volume, which makes its deposit flows a common reference point for on-chain analysts. These figures reveal which coin-age bands are active but do not necessarily show when owners originally bought their Bitcoin. The Binance chart covers a single exchange and sorts coins by their last on-chain movement, whereas the profit-and-loss charts track short-term holders depositing to exchanges across the market more broadly.

Falling prices leave recent entrants underwater

The timing is notable because Bitcoin has slipped from late-September highs above $85,000 into the $73,000-to-$74,000 area. Someone who bought at $80,000 would be carrying a paper loss of roughly 7.5% at $74,000, and selling at that level would lock the loss in.

The softness extends beyond short-term holders. Glassnode has identified roughly 4 million BTC held by longer-term investors that was acquired between $85,000 and $118,000, potentially forming another pocket of underwater supply above current prices. Read together, the datasets sketch where underwater supply sits in the market: recent coins moving at losses near current prices, and a much larger block of older coins carried at cost bases well above them. Since both charts are updated regularly, they also serve as a running gauge of whether loss-driven inflows persist or taper off.