Short-term Bitcoin holders panic sell, testing key support level.

According to news from Hash World, CryptoQuant analysis indicates that the short-term holders of Bitcoin have experienced a sharp drop in the Spent Output Profit Ratio (STH SOPR) to 1, showing that short-term holders are suffering losses, which is a typical sign of panic dumping. Short-term holders not only have unrealized losses but are also actively selling, with a scale of panic dumping reaching 3.39 billion dollars calculated at a price of 113,000 dollars per coin. 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 typically acts as a support level during fluctuations. It is worth noting that whales are also showing signs of pressure, with new whales realizing losses of 184.6 million dollars and old whales realizing losses of 26.3 million dollars, both parties are de-risking, which is unfavorable for short-term trends. In addition, the MVRV of short-term holders is approximately equal to 1, meaning that the average position is at the break-even point, but SOPR<1 indicates that many people are selling below cost, reflecting that high-position buyers in the recent rebound are panic selling.

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