Analyst: Loss-making sales by short-term holders remain high, STH-SOPR indicates selling pressure is still accumulating

Jinse Finance reported that Cryptoquant analyst Axel Adler Jr released a market analysis stating that loss-selling by short-term holders (STH) remains at a high level. The 7-day STH-SOPR indicator stands at 0.9904, showing that loss-realizing transactions dominate during the current price decline. The Z-score of this indicator is −1.29, reflecting that selling pressure is increasing; however, the current pressure level is still moderate. Referring to the correction in August 2024, the indicator then dropped to 0.9752 with a Z-score of −2.43, marking a phase of deep panic selling among short-term holders. Data from recent weeks shows that loss-selling behavior is gradually accumulating. Although SOPR briefly rebounded above parity (1.0005) at the end of October, selling pressure intensified again in early November, although it has not yet reached the extreme levels seen in the early stages of the bull market.