Short-Term Investors Move 47,000 BTC to Exchanges at a Loss

Bitcoin hit an 11-week low as it retreated to $72,670. This move forced short-term investors to transfer over 47,000 units of the cryptocurrency to exchanges.

The assets sent were at a loss during the time of the transfer. The volume recorded over the last 24 hours is among the highest observed in the last four months of data tracking.

The average acquisition cost for this group of investors, who hold assets for up to 155 days, was around $75,700. The drop below this level triggered the wave of selling seen on Tuesday.

Data shows that for every 1 BTC transferred at a profit, about 27 BTC were sent at a loss. The scenario reflects a sharp shift from the optimism seen in September when the price reached $87,200.

Analysts note that the failure to sustain prices above this group's average cost could consolidate a bearish trend. The behavior of these holders is a key factor driving selling pressure in the current market.