Short-term Bitcoin holders sent 47,300 BTC to exchanges at a loss in 24 hours: CryptoQuant

The striking detail is the near-total overlap between coins sent and coins sent at a loss — almost every short-term holder moving BTC to an exchange is realizing a loss, which points to capitulation rather than routine repositioning. That matters most for recent buyers and for exchange order books, where such flows can add sell-side pressure. Whether this marks the exhaustion of the distribution phase that began in October or simply another leg of it is the open question; the follow-through in exchange inflows over the coming sessions is the metric worth watching.