Recent Bitcoin buyers panic-sell $3.6B into exchanges as price dips

New Bitcoin investors are sending billions of dollars worth of coins to cryptocurrency exchanges at a significant loss. Data from CryptoQuant shows that in a recent 24-hour period, roughly 47,300 BTC, valued at about $3.6 billion, was transferred to exchanges below its purchase price. This activity far outpaced profitable transfers, which amounted to only about 1,100 BTC. The data highlights the behavior of short-term holders, defined as those holding coins for less than 155 days.

This wave of loss-making deposits signals rising selling pressure and potential panic among recent buyers as Bitcoin's price hovers in the low $70,000 range. While transferring to an exchange doesn't guarantee a sale—some deposits are for trading or using as collateral—the sheer volume and one-sided flow suggest many are looking to cut their losses. This pattern of underwater transfers during price swings reveals the vulnerability of short-term speculators to market volatility, acting as a key indicator of sentiment and potential price pressure points.