Analysis: BTC short-term holders' capital shrinks by 56%, but market structure has not yet shown signs of a full collapse

CoinFeed, June 23 - CryptoQuant analyst Axel Adler Jr. stated that Bitcoin price has fallen back to around $62,000, and the market has returned to an unrealized loss state. The realized market cap drawdown for short-term holders (STH) has deepened to -56%, compared to just -26% three months ago, indicating a significant shrinkage in capital among the short-term holder group. Meanwhile, the realized market cap drawdown for long-term holders (LTH) remains near zero, showing no large-scale capital flight from long-term holders. The aNUPL indicator has fallen below zero, currently at -0.14, whereas a month ago it was near zero, indicating that the market has been in a loss pressure zone for about three consecutive months.