Using time-resolved $1s$-$2p$ excitonic Lyman spectroscopy, we study the orthoexciton-to-paraexcitons transfer, following the creation of a high density population of ultracold $1s$ orthoexcitons by resonant two-photon excitation with femtosecond pulses. An observed fast exciton-density dependent conversion rate is attributed to spin exchange between pairs of orthoexcitons. Implication of these results on the feasibility of BEC of paraexcitons in Cu$_2$O is discussed.
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