Analysts say short-term bitcoin holders are selling at a loss, but the market structure remains unchanged.

On March 9, crypto market analyst Axel stated that in the past eight days, the bitcoin short-term holder SOPR indicator was below 1.0 for seven days, indicating that this group continued to sell at a loss. Only on March 4, when the price briefly touched $70,800, did the indicator break above 1.0, but it quickly returned to the loss-selling mode. The supply of short-term holders dropped from approximately 6.06 million to 5.92 million BTC, a decrease of 140,000 within two weeks. The average cost is about $89,028, while the current market price is around $67,175, resulting in a price difference of 24%. Axel pointed out that the decline in supply may reflect loss realization or coins being converted to long-term holdings. The significant gap between the cost price and the current price creates an oversupply, which may further suppress the strength of any rebound when prices recover. A shift in the market structure requires the SOPR to remain above 1.0 for several consecutive days, accompanied by a simultaneous price increase.