Short-term Bitcoin holders moved 32,800 BTC (approximately $2 billion) to cryptocurrency exchanges within a 24-hour period while sitting on unrealized losses, according to CryptoQuant analytics data.
The metric, tracked through CryptoQuant's STH P&L to Exchanges Sum 24H indicator, measures the volume of Bitcoin transferred by short-term holders—those holding positions for less than 155 days—to exchange wallets in a state of underwater positions. While the data reflects fund transfers rather than executed trades, movement to exchange wallets typically precedes liquidation, suggesting that portion of the holdings may already have been sold or remain poised for imminent sale.
The transfer volume underscores capitulation pressure among retail and short-term traders holding Bitcoin below their entry prices. Large outflows of underwater positions to exchanges historically correlate with market bottom formations, though they can also indicate panic selling during downturns. The scale of the movement—equivalent to roughly 0.16% of Bitcoin's total circulating supply—represents a notable deleveraging event that may influence near-term price action.