Data: BTC short-term holders capitulate, on-chain data shows panic selling is nearing its end

ChainCatcher reports, according to CryptoQuant data,bitcoin is currently experiencing the most severe short-term holder (STH) capitulation phase of this cycle. Key indicators show that typical cyclical bottom characteristics are forming:

Three major panic signals have appeared simultaneously:

1. STH-SOPR has dropped to 0.97: Short-term holders are selling at a loss, and this indicator has remained below the critical value of 1.0 for several weeks, forming a capitulation zone, which historically only appears at major turning points.
2. STH-MVRV is far below 1.0: Almost all recent buyers are in a loss position, and profitability is at its weakest historical range.
3. 65,200 BTC transferred to exchanges at a loss: Panic is not only reflected on paper but has turned into actual loss selling.

Historical patterns show thatwhen STH losses reach extreme levels, SOPR remains below 1.0, MVRV shows heavy pressure, and exchange inflows are driven by panic rather than fundamentals, it usually marks the later stage of a correction. However, this does not guarantee an immediate rebound, but the washout of weak hands is well underway. Historically, this process often signals that the quantitative conditions for cyclical recovery are aligning.