Bitcoin’s long-term holding cohort sent about 5,950 BTC to exchanges below estimated acquisition cost on Nov. 10. Underwater coins dominated this cohort’s deposits, even as the volume arriving below cost fell from the previous day.
The loss-inflow series from analytics provider CoinGlass showed a 29.22% daily decline. Its total cohort inflows reached 6,182.67 BTC, including 232.72 BTC arriving above cost. Below-cost coins therefore accounted for about 96% of older-holder exchange deposits that day.
Loss-making deposits dominated this cohort’s exchange arrivals despite the daily decline.
Gross inflows for one cohort, not all Bitcoin or net reserves. Exchange labels and estimated costs affect classification. Deposits do not establish sales.
The deposits represent potential trading supply under loss pressure, but transfers to exchanges do not establish completed sales.
CoinGlass defines the long-term cohort around a 155-day holding boundary. Its loss-inflow measure counts BTC sent to identified exchange addresses below estimated acquisition cost.
What older-coin spending shows
A separate profitability measure gives an earlier view of older-coin activity. CoinGlass reports a long-term-holder spent output profit ratio, or LTH-SOPR, of 0.82063 for Nov. 9, below the break-even level of 1.
The ratio compares the aggregate dollar value of older coins when spent with their value at creation. A reading below 1 means those spent coins moved at an aggregate loss. Unlike the deposit figures, this measure covers spending across the network.
Separate trading data also pointed to seller aggression. CryptoSlate reported on Nov. 10 that Glassnode’s Nov. 9 snapshot showed higher spot turnover alongside negative spot cumulative volume delta. Negative spot cumulative volume delta means sell-initiated volume exceeded buy-initiated volume.
The next useful signals are whether below-cost deposit volume continues to fall and whether its share of cohort inflows declines. Nov. 10’s smaller flow still carried a predominantly underwater mix, keeping potential supply pressure in focus.
