Bitcoin is experiencing sell pressure as key on-chain metrics, including the Spent Output Profit Ratio (SOPR) and Sharpe Ratio, signal increased sell-offs and diminished risk-adjusted returns. Short-term holders are realizing losses, contributing to supply-side pressure. This has led to a capital shift towards altcoins, which now account for nearly 61% of the market. Analysts suggest that altcoins with robust fundamentals or recent upgrades may benefit from this trend.