Bitcoin Short-Term Holders Realize Historic Losses as STH-SOPR Falls to 0.97

Bitcoin short-term holders are experiencing one of the most severe capitulation phases of the current cycle, with the Short-Term Holder Spent Output Profit Ratio falling to approximately 0.97. Recent buyers are selling at losses, with 65,200 BTC transferred to exchanges. BlackRock's IBIT recorded its largest single-day outflow of $523 million since launch.