CryptoQuant: Bitcoin short-term holders are panic selling, and key support levels are facing a test

CryptoQuant analysis shows that the realized spend-output profit ratio (STHSOPR) for short-term Bitcoin holders has plummeted below 1, indicating that short-term holders are realizing losses, a classic sign of panic selling among this group. Short-term holders are not only experiencing losses but are also actively selling in a capitulation move. Based on a price of $113,000 per coin, this panic selling represents over $3.39 billion.