
Underwater coins accounted for about 96% of older-holder exchange deposits on Nov. 10.
AI-generated summary
Long-term holder SOPR fell below 1 on Nov. 9, and older coins moved at an aggregate loss.
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.
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.
AI outlook — possibilities, not facts
Below-cost deposit volume and its share of cohort inflows will be monitored for further decline.
Likely · Within days

Nvidia shares plummeted, wiping out $430 billion in market value over two days following reports of CEO Jensen Huang's ties to a woman identified by U.S. intelligence as a Chinese spy. Lawmakers are now calling for Huang's resignation and launching investigations.

Barclays and Citigroup significantly increased their spot Bitcoin ETF holdings in Q3, with Barclays reporting 3.94 million IBIT shares. Institutional investment managers continue to file reports, showing a broader trend of banks entering the digital asset space.

Payward's xStocks platform added tokenized versions of over 200 UK and EU stocks, bringing its total tokenized asset offering to more than 1,500.

Bitcoin short-term holders transferred over 47,000 BTC at a loss to exchanges on Tuesday as the cryptocurrency hit an 11-week low of $72,670, according to data from CryptoQuant.

The New York Stock Exchange selected Avalanche as core ledger technology for an upcoming tokenized securities platform. Experts cite a major institutional credibility boost, though warn it may not directly increase AVAX token value.

Bitmine Immersion Technologies reported a $6.3 billion net loss for the fiscal year ended Aug. 31, driven by a $6.2 billion unrealized loss on its Ether holdings amid falling cryptocurrency prices.