Data: BTC short-term holders capitulate, on-chain data shows panic selling nearing its end

According to CryptoQuant data, Bitcoin is experiencing the most severe surrender phase of short-term holders (STH) in this cycle. Key indicators show that typical cyclical bottom characteristics are forming:

Three major panic signals are appearing simultaneously:

1. STH-SOPR has dropped to 0.97: Short-term holders are selling at a loss, and this indicator has been below the critical value of 1.0 for several weeks, forming a surrender range, which historically only occurs at significant turning points.
2. STH-MVRV is far below 1.0: Almost all recent buyers are in a state of loss, with profitability at historically weak levels.
3. 65,200 BTC at a loss have flowed into exchanges: Panic is not just on paper but has turned into actual loss selling.

Historical patterns show that when STH losses reach extreme levels, SOPR remains below 1.0, MVRV shows heavy pressure, and exchange inflows are driven by panic rather than fundamentals, it usually marks the late stage of a correction. However, this does not guarantee an immediate rebound, but the cleansing of weak hands has already deepened, and historically, this process often indicates that the quantitative conditions for cyclical recovery are aligning.