Short-term Bitcoin holders transferred 23,000 BTC (about $1.9 billion) to exchanges at an unrealized loss over the past 24 hours, as the price of Bitcoin dropped by approximately $3,000, according to CryptoQuant.

STH P&L to Exchanges Sum 24H tracks loss-making transfers

The STH P&L to Exchanges Sum 24H indicator shows the amount of BTC moved by short-term holders to exchanges at an unrealized loss. This metric records coins being sent to trading platforms, not actual sales.

Transfers seen as preparation for sale

Moving funds to exchanges typically signals an intention to sell. According to the indicator's interpretation, some of this BTC has likely already been sold, while the rest may be awaiting sale.