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96% of older Bitcoin being sent to exchanges is now underwater

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96% of older Bitcoin being sent to exchanges is now underwater

About 5,950 BTC reached exchanges below estimated acquisition cost on Nov. 10, accounting for 96% of that day's long-term-holder deposits.

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.

November 10, 2026: below-cost deposits fell 29.22% in a day but made up about 96% of the long-term cohort's exchange inflows.

Gross inflows for one cohort, not all Bitcoin or net reserves. Exchange labels and estimated costs affect classification. Deposits do not establish sales.

Daily UTC CoinGlass inputs: loss 5,949.9482 BTC, profit 232.721 BTC, total 6,182.6693 BTC. Loss/total ×100 = 96.235912%, rounded to about 96%; bar uses the unrounded ratio. Displayed BTC rounds to two decimals. The 29.22% decline is provider-reported. Purpose branches encode no quantities.

Gross inflows for one cohort, not all Bitcoin or net reserves. Exchange labels and estimated costs affect classification. Deposits do not establish sales.

The deposits represent potential trading supply under loss pressure, but transfers to exchanges do not establish completed sales.

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