Short-term Bitcoin holders are experiencing sustained losses, with the 7-day Short-Term Holder Spent Output Profit Ratio (STH-SOPR) at 0.9904, according to Cryptoquant analyst Axel Adler Jr. This indicates that these holders are selling at a loss, with a Z-score of −1.29 reflecting moderate but increasing sell pressure. In August 2024, the STH-SOPR dropped to 0.9752 with a Z-score of −2.43, marking a period of deep panic selling. Although the SOPR briefly exceeded parity at 1.0005 in late October, indicating a temporary relief, sell pressure has intensified again in early November. However, it has not yet reached the extreme levels typically seen during the early stages of bull markets.