96% of older Bitcoin being sent to exchanges is now underwater
Summary
On Nov. 10, Bitcoin holders in CoinGlass’s long-term cohort (coins held for at least 155 days) sent 6,182.67 BTC to exchanges. About 5,950 BTC, or 96%, was below estimated acquisition cost, though loss-making inflows fell 29.22% from the previous day. Exchange transfers indicate potential sell pressure but do not confirm sales. CoinGlass also recorded an LTH-SOPR of 0.82063 on Nov. 9, indicating older coins spent across the network were sold at an aggregate loss. Separate Glassnode data showed higher spot turnover and sell-initiated volume exceeding buy-initiated volume. Continued declines in underwater deposits and their share of inflows are identified as signals to watch.
