Bitcoin faces STH capitulation as whales hold steady and absorption builds

Bitcoin (BTC) remained in a sideways-to-bearish consolidation at press time as short-term holders realized losses, including a capitulation spike near -80,000 BTC in early February. STH metrics showed stress with only 4.9% of STH supply in profit and STH-MVRV at 0.7, while large-holder balances stayed broadly stable around 3.5 million BTC and 920,000 BTC across key cohorts. Long-term holders kept supply firm near 14.8 million BTC as illiquid supply rose by 86,000–90,000 BTC, supporting the view that sell pressure is being absorbed rather than cascading lower.