Bitcoin Drops Below $74,000 as Short-Term Holders Move Over 47,000 BTC at a Loss

Bitcoin traded below $74,000 after falling to an 11-week low of $72,670, marking a nearly 15% decline from its recent peak. The drop coincided with capitulation among short-term holders, who transferred over 47,000 BTC to exchanges at an unrealized loss within 24 hours, representing roughly 97.5% of their total exchange deposits. Selling intensified as the price broke beneath the cohort's average cost basis of $75,700, following $430.2 million in U.S. spot ETF outflows on November 5. Analysts warn that failure to hold $72,000–$73,000 support could trigger declines toward $70,000.