CryptoQuant's latest analysis reveals that Bitcoin's short-term holders are panic selling, with the realized spend-output profit ratio (STH SOPR) dropping below 1. This indicates that these holders are selling at a loss, a typical sign of capitulation. The panic selling has surpassed $3.39 billion, based on a Bitcoin price of $113,000 per coin. Despite this, Bitcoin's price remains near the realized price for short-term holders, a historical support level during volatility. Additionally, whale activity shows signs of pressure, with new whales realizing losses of $184.6 million and existing whales $26.3 million. Both groups are de-risking, negatively impacting the short-term trend. The short-term holder MVRV is around 1, suggesting break-even positions, but the SOPR below 1 highlights that many are selling below cost, reflecting panic among those who bought during the recent price rebound.