Cryptoquant analyst Axel Adler Jr released a market analysis saying that short-term holders (STH) selling at a loss remains high. The 7-day STH-SOPR indicator is 0.9904, indicating that loss-making transactions are dominant in the current price decline. The Z-score of the indicator is − 1.29, reflecting that the selling pressure is increasing; however, the current pressure level is still moderate.
Refer to the correction in August 2024, when the indicator fell to 0.9752 with a Z-score of − 2.43, marking a deep panic selling phase for short-term holders. Data from recent weeks show that loss-making selling is gradually accumulating.
Although SOPR briefly rallied above parity (1.0005) at the end of October, selling pressure intensified again in early November, although it has not yet reached the extreme levels seen in the early bull market.
Analysts: Loss-making sales by short-term holders remain high, and STH-SOPR shows selling pressure is still building
2025-11-05 07:26:34
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分析师：短期持有者的亏损出售仍然处于高位，STH-SOPR显示卖压仍在累积
