Markets

96% of Older Bitcoin Sent to Exchanges Is Now at a Loss

November 11, 2026, 10:35 AM UTC (3 hours ago) · 1 source · Summarized by CryptoBipto

According to on-chain data, 96% of Bitcoin that has been held for a long time and is now being moved to exchanges is currently worth less than what was originally paid for it. This suggests that long-term holders sending coins to exchanges are largely doing so at a loss. The data highlights a notable shift in the behavior of older Bitcoin holders.

WHY IT MATTERS

When someone says Bitcoin is 'underwater,' it means the current price is lower than what the holder originally paid.

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SOURCES

cryptoslate.com

BTCOn-Chain AnalysisBitcoin HoldersExchange FlowsMarket Sentiment

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Clear explanations of the subjects this article touches, with every term defined.

What is on-chain analysis, and what can blockchain data show?On-chain analysis explained — exchange inflows and outflows, active addresses, hash rate, MVRV and NVT ratios, and what each measurement can and cannot tell you.
What are crypto market cycles and market sentiment?Bull and bear markets, all-time highs, capitulation, whales and the sentiment vocabulary crypto markets use, each explained on its own page.