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Nearly 50,000 BTC transferred to exchanges at a loss, on-chain data shows, while short-term Bitcoin holders recorded stress levels not seen in two years.
The simultaneous pressure on both exchange flow and holder sentiment raises the prospect of a capitulation event that could push $BTC toward new lows.
What the On-Chain Flow Shows The metric at issue is straightforward: coins moved to exchanges were worth less at the time of transfer than when they were originally acquired.
When that volume approaches 50,000 BTC, it signals a large cohort of holders choosing to realize losses rather than wait for a recovery — the behavioral signature of capitulation, not confident repositioning.
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