CryptoQuant: Bitcoin short-term holders are now panic-selling, and key support levels are being tested

On September 23rd, CryptoQuant analysis showed that the realized expenditure output profit margin (STH SOPR) of bitcoin short-term holders fell sharply below 1, indicating that short-term holders are realizing losses, which is a typical sign of panic selling in this group. Short-term holders not only held positions at a loss, but also actively capitulated and sold. At a price of $113,000/piece, the scale of the panic selling exceeded $3.39 billion. However, the bitcoin price still fluctuates around the realized price of short-term holders (average on-chain cost price), and historical data shows that this price often plays a supporting role in the volatility stage.
It is worth noting that the giant whales are also showing signs of pressure. The new whales have realized a loss of $184.60 million, and the old whales have realized a loss of $26.30 million. Both sides are de-risking, which is unfavorable for the short-term trend. In addition, the MVRV of short-term holders is about 1, which means that the average position is at the break-even point, but SOPR 1 indicates that many people are selling below cost, reflecting the panic selling of high buyers in the recent rally.