Entity-Adjusted STH Realized Loss to Exchanges
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Entity-Adjusted STH Realized Loss to Exchanges adds the USD losses on exchange deposits attributed to the short-term holder cohort, generally holding ages below about 155 days. For each qualifying deposit it counts the shortfall below attributed acquisition cost, with identified internal transfers filtered out.
How to read it
A spike indicates more recent-holder loss reaching tracked exchanges, potentially increasing the amount of underwater supply available for trading. The series recorded about $525.3 million on May 19, 2021, and $538.2 million on June 18, 2022. A smaller value can mean fewer loss-making deposits or a smaller loss per deposited coin.
The figure is neither total inflow value nor confirmed selling volume, and exchange-internal trades remain outside the on-chain record. Cohort membership and address labels can change. Compare sustained changes with recent-holder losses across the network before drawing conclusions about where the stress is occurring.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Unit
- USD
- Data since
- 2011-08-17
- Latest data
- 2026-10-27
- Data points
- 5,551
FAQ
How does STH exchange loss differ from total STH Realized Loss?
The exchange series only follows loss-making deposits to tracked venues. The network-wide series includes qualifying transfers to other entities as well, so the two describe destination-specific stress and broader cohort stress.
Can STH exchange losses rise without larger BTC inflows?
Yes. If the deposited coins have a deeper shortfall to acquisition cost, the dollar loss can rise even when BTC deposit volume is unchanged or lower.
What was the 2024 high in STH Realized Loss to Exchanges?
The series reached about $318.3 million on August 5, 2024. This is the loss component attributed to recent-holder deposits that day, not the deposits' full market value.
