Data: Bitcoin short-term holders are now in panic selling, with key support levels facing tests

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

Short-term holders are not only facing unrealized losses but are also actively capitulating and selling off. At a price of $113,000 per coin, this panic selling amounts to over $3.39 billion. However, the Bitcoin price is still fluctuating near the realized price of short-term holders (average on-chain cost), and historical data shows that this price level often acts as support during volatile phases.

It is worth noting that whales are also showing signs of pressure, with new whales realizing losses of $184.6 million and old whales realizing losses of $26.3 million. Both sides are de-risking, which is unfavorable for short-term trends. Additionally, the MVRV of short-term holders is approximately 1, indicating that the average position is at the breakeven point, but SOPR < 1 suggests that many are selling below cost, reflecting that high-position buyers in the recent rebound are panic selling.