CryptoQuant analyst Axel Adler Jr. reports that the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) has dropped to 0.993, indicating that short-term holders are selling at a loss. However, the metric suggests this is not yet a capitulation event. Historically, during periods of significant market stress, the STH-SOPR has fallen to much lower levels than the current reading. While losses are being realized by short-term investors, the scale remains moderate and does not signal extreme distress or mass surrender in the market.