PANews reported on September 23rd that CryptoQuant analysis showed that the realized spend-output profit ratio (STH SOPR) for short-term Bitcoin holders has plummeted below 1, indicating that short-term holders are realizing losses, a classic sign of panic selling by this group. Short-term holders are not only holding losses but are also actively selling in a capitulation manner. Based on a price of $113,000 per coin, this panic selling exceeds $3.39 billion. However, Bitcoin prices are still fluctuating around the realized price (average on-chain cost price) for short-term holders, a level that historically has provided support during periods of volatility. Notably, whales are also showing signs of pressure. New whales have realized losses of $184.6 million, while existing whales have realized losses of $26.3 million. Both groups are de-risking, which is negative for the short-term trend. Furthermore, the short-term holder MVRV is approximately 1, meaning the average position is at break-even, but the SOPR is less than 1, indicating that many are selling below cost price, reflecting panic selling by those who bought high during the recent rebound.PANews reported on September 23rd that CryptoQuant analysis showed that the realized spend-output profit ratio (STH SOPR) for short-term Bitcoin holders has plummeted below 1, indicating that short-term holders are realizing losses, a classic sign of panic selling by this group. Short-term holders are not only holding losses but are also actively selling in a capitulation manner. Based on a price of $113,000 per coin, this panic selling exceeds $3.39 billion. However, Bitcoin prices are still fluctuating around the realized price (average on-chain cost price) for short-term holders, a level that historically has provided support during periods of volatility. Notably, whales are also showing signs of pressure. New whales have realized losses of $184.6 million, while existing whales have realized losses of $26.3 million. Both groups are de-risking, which is negative for the short-term trend. Furthermore, the short-term holder MVRV is approximately 1, meaning the average position is at break-even, but the SOPR is less than 1, indicating that many are selling below cost price, reflecting panic selling by those who bought high during the recent rebound.