Analyst: Bitcoin Short-Term Holders Selling at a Loss, Market Still Under Pressure

BlockBeats News, March 9th, Cryptocurrency market analyst Axel stated in a recent report that in the past 8 days, the "Bitcoin Short-Term Holder SOPR" indicator has been below 1.0 for 7 days, indicating that this group is systematically selling below cost. Only on March 4th, when the price briefly touched $70,800, did the indicator briefly surpass 1.0, then quickly return to a selling-at-loss pattern.

Meanwhile, the "Short-Term Holder Supply" indicator has decreased from about 6.06 million to 5.92 million BTC, a reduction of 140,000 BTC in two weeks. The average cost of this group is about $89,028, with the current market price around $67,175, a 24% price difference, facing significant unrealized losses.

Axel explained that the decrease in the supply may reflect two scenarios: either capitulation behavior realizing losses or chips naturally "maturing" into long-term holdings. The significant gap between the cost price and the current price has created a structural supply surplus. If the price rises, some short-term holders may take advantage of the rebound to exit without losses, further suppressing the rebound momentum. A true signal of a market shift will require waiting for the SOPR to stabilize above 1.0 for several consecutive days while prices rise concurrently.