Update
Long-term Bitcoin Holders Transfer Below-Cost Coins to Exchanges
About 5,950 Bitcoin (BTC) sent to exchanges below estimated acquisition cost on November 10, accounting for 96% of this group's deposits. This volume fell 29% from the previous day, but still represented a significant portion of the older-holding cohort's deposits. The loss-inflow series from CoinGlass showed a 29.22% daily decline in deposits below cost. This indicates that the majority of these deposits were from older-holders who are likely experiencing losses, as the ratio of older coins spent to their creation value is below 1, indicating a loss. The deposits to exchanges do not confirm completed sales, as transfers to exchanges do not establish completed transactions.