Bitcoin short-term holders (STH) transferred 48,500 BTC to exchanges in the past 24 hours, with 47,300 BTC sent at a loss, marking one of the most intense capitulation events in recent months. CryptoQuant analyst Darkfost reported that Bitcoin has been in a distribution phase since October, resulting in approximately a 15% correction. The shift from profit-taking to loss-dominated selling among short-term holders signals a potential bottoming process as weaker hands exit positions. The massive inflow of loss-making coins to exchanges reflects heightened selling pressure from newer market entrants who bought during higher price levels.