Analysts: Short-term BTC holders are "capitulating," and the market is currently facing localized pressure.

 CryptoQuant analyst Axel Adler Jr posted on social media that the Bitcoin market is in an adjustment phase, having pulled back 30% from its all-time high. Two on-chain indicators — Short-Term Holder Spent Output Profit Ratio (STH SOPR) and Profit/Loss Block (P/L Block) — show that market participants are realizing losses, and market sentiment is deteriorating. Short-term holders are showing signs of capitulation, and the market is currently facing localized pressure.