On Nov. 10, 2026, analytics firm CoinGlass recorded that long‑term Bitcoin holders moved roughly 5,950 BTC to exchange addresses at prices below their original purchase cost. The deposits accounted for 96% of the day’s total inflow from the cohort defined as coins held for at least 155 days. While the absolute volume of below‑cost deposits dropped from the prior day, the share of underwater coins remained dominant, suggesting continued loss‑pressure on potential selling supply.

BTC / USD
Source: CoinGecko. Prices are indicative.

Update, Nov 11, 11:18 UTC: On Nov. 11, short‑term Bitcoin holders moved about 47,025 BTC to exchanges at a loss, according to CryptoQuant data cited by Cointelegraph, marking the third‑largest 24‑hour loss‑laden inflow since July and occurring as Bitcoin slipped to roughly $72,670, its lowest level since Aug. 20.

Scale of Underwater Deposits

CoinGlass reported total inflows for the long‑term holder group of 6,182.67 BTC on Nov. 10, of which only 232.72 BTC arrived above cost. The loss‑inflow metric—a measure of coins sent to exchanges below acquisition price—declined 29.22% day‑over‑day, yet still represented about 5,950 BTC, or 96% of the cohort’s deposits. The data does not confirm that the coins were sold, only that they entered exchange wallets where they could be liquidated.

Profitability Indicator Slips Below Break‑Even

CoinGlass also tracks the long‑term‑holder spent output profit ratio (LTH‑SOPR), which fell to 0.82063 on Nov. 9. A SOPR below 1 indicates that, on average, older coins are being spent at a loss relative to their creation value. This metric, which captures spending across the network rather than just exchange deposits, reinforces the picture of loss‑driven activity among long‑term holders.

Broader Market Context

Separately, Glassnode data for Nov. 9 showed higher spot turnover and a negative spot cumulative volume delta, meaning sell‑initiated volume outpaced buy‑initiated volume. The convergence of underwater deposits and aggressive selling pressure points to a potential short‑term supply surge, though the exact impact on price remains uncertain.

What to Watch Next

Analysts will monitor whether the share of below‑cost deposits continues to shrink and if overall inflows from the long‑term cohort decline further. A reversal in SOPR toward the break‑even level could signal reduced loss pressure, while sustained negative volume delta may keep selling momentum alive.