Analysis: BTC short-term holders and whales are selling at a loss

Bitcoin's short-term holders have begun selling their assets at a loss, a trend that also includes large-scale investors, according to an analysis by CryptoQuant. The analytics firm stated on X that the Spent Output Profit Ratio (SOPR) for short-term holders, an on-chain metric gauging profit or loss on sales, has fallen below one. This indicates that panic selling is underway, with holders realizing losses. CryptoQuant noted, however, that BTC is currently trading near the average purchase price for this cohort, a level that has historically acted as a key support zone during volatile periods. The firm added that whales are also incurring substantial losses, with new whales losing an estimated $184.6 million and existing ones losing $26.3 million. This activity reflects a growing risk-off sentiment in the market.