Data: Bitcoin Short-Term Holders Panic Sell, Key Support Level Faces Test

ChainCatcher news, CryptoQuant analysis shows that the realized spent output profit ratio (STH SOPR) of bitcoin short-term holders has sharply dropped below 1, indicating that short-term holders are realizing losses, which is a typical sign of panic selling among this group.

Short-term holders are not only holding unrealized losses but are also actively capitulating and selling. Calculated at a price of $113,000 per bitcoin, the scale of this panic selling exceeds $3.39 billions. However, the price of bitcoin is still fluctuating near the realized price (average on-chain cost) of short-term holders. Historical data shows that this price level often acts as support during periods of volatility.

It is worth noting that whales are also showing signs of pressure. New whales have realized losses of $184.6 million, while old whales have realized losses of $26.3 million, with both sides de-risking, which is unfavorable for the short-term trend. In addition, the MVRV of short-term holders is approximately equal to 1, meaning the average position is at the breakeven point, but SOPR < 1 indicates that many are selling below their cost price, reflecting that high-level buyers during the recent rebound are panic selling.