Bitcoin Short-Term Holders Underwater; Stress Mode Active Since October 17

According to Axel Adler Jr., Bitcoin's short-term holders are underwater as price trades below their average cost basis, and the STH Realized Price keeps falling. Stress has persisted since October 17, with weekly and monthly gains of +0.9% and +2.3% but a −26.7% quarterly drop; the model expects ~3% downside over the next week.