96% of older Bitcoin being sent to exchanges is now underwater
November 10 below-cost deposits fell 29.22% from the prior day but still accounted for about 96% of the cohort's exchange inflows. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Bitcoin's long-term holding cohort sent about 5,950 BTC to exchanges below estimated acquisition cost on Nov. 10. Underwater coins dominated this cohort's deposits, even as the volume arriving below cost fell from the previous day.
The loss-inflow series from analytics provider CoinGlass showed a 29.22% daily decline. Its total cohort inflows reached 6,182.67 BTC, including 232.72 BTC arriving above cost. Below-cost coins therefore accounted for about 96% of older-holder exchange deposits that day.
The deposits represent potential trading supply under loss pressure, but transfers to exchanges do not establish completed sales.