Bitcoin short-term holders are increasingly moving coins to exchanges at a loss, with CryptoQuant analyst Axel Adler Jr. reporting a net profit metric balance of negative 18,600 BTC on October 27. The figure marks a sharp reversal from positive 10,400 BTC one week earlier and follows a deeper dip to negative 23,100 BTC on October 26. The metric has remained in negative territory since August. The share of periods where profit-driven transfers dominated short-term holder exchange inflows plummeted from 75% to just 16% for the week ending October 27, indicating that realized-loss transactions now account for the majority of movements. Adler noted that a rebound above 50% combined with the balance returning to positive would signal renewed profit-taking dominance, while further increases in loss-linked transfers remain the primary risk. He cautioned that a negative balance reflects transfer activity rather than confirmed sales at a loss.