- Short term holder SOPR dropped below 1, showing many investors are selling Bitcoin at a loss, according to CryptoQuant.
- New whales lost $184.6M and older whales $26.3M, indicating large scale de-risking alongside short term capitulation.
- Bitcoin traded between $105K and $121K since July, now near the short term realized price, a key support zone.
More than 30,000 Bitcoin, worth roughly $3.39 billion at $113,000 per coin, were transferred to exchanges at a loss, according to CryptoQuant. The movement shows sharp capitulation among short term holders, who have been selling below cost.
Bitcoin has also been trading near its short term realized price, a critical on-chain level that has historically acted as support during volatile phases.
Short Term Holders See Steep Losses
Short term holder (STH) flows show mounting pressure across the market. CryptoQuant confirmed that the STH Spent Output Profit Ratio (SOPR) fell sharply below 1. This means many investors are now realizing losses instead of profits.
At the same time, the STH Market Value to Realized Value (MVRV) ratio is near 1, suggesting the average short term holder is at breakeven. However, the imbalance between SOPR and MVRV indicates that participants who bought near the recent rally peak are capitulating.
Whale Activity Adds to Market Strain
While smaller holders have been exiting at a loss, whale activity has also intensified. According to CryptoQuant data, new whale cohorts recorded $184.6 million in realized losses. Older whales contributed an additional $26.3 million in losses, showing de-risking behavior across both groups.
This pattern indicates selling pressure from larger players, which adds strain to already fragile market sentiment. The presence of losses from both short and long term whales suggests a broader scale of capitulation, compounding the effect of short term holders moving coins to exchanges.
Price and Key Support Levels
From mid July through late September, Bitcoin’s price has traded between $105,000 and $121,000. The asset touched highs above $120,000 in mid July but quickly retreated toward $115,000 before a downward drift developed.
By late August, the price bottomed near $107,000, later rebounding toward $118,000 in early September before retracing again. This volatility sets the backdrop for current capitulation. Notably, Bitcoin is now trading near the short term holder realized price.
CryptoQuant emphasized that this level has often acted as market support. If maintained, it could help stabilize conditions. If breached, additional selling could intensify, as distressed holders continue transferring coins at losses.
