PANews reported on September 23rd that CryptoQuant analysis showed that the realized spend-output profit ratio (STH SOPR) for short-term Bitcoin holders has plummeted below 1, indicating that short-term holders are realizing losses, a classic sign of panic selling by this group. Short-term holders are not only holding losses but are also actively selling in a capitulation manner. Based on a price of $113,000 per coin, this panic selling exceeds $3.39 billion. However, Bitcoin prices are still fluctuating around the realized price (average on-chain cost price) for short-term holders, a level that historically has provided support during periods of volatility. Notably, whales are also showing signs of pressure. New whales have realized losses of $184.6 million, while existing whales have realized losses of $26.3 million. Both groups are de-risking, which is negative for the short-term trend. Furthermore, the short-term holder MVRV is approximately 1, meaning the average position is at break-even, but the SOPR is less than 1, indicating that many are selling below cost price, reflecting panic selling by those who bought high during the recent rebound.