At the time of writing, Bitcoin (BTC) was trading at $67.7 thousand, bouncing from a low of $66.2 thousand seen on Tuesday, March 31. While the price remains above the $65.6 thousand demand zone established in early March, the bulls are having a hard time pushing the price even higher.
Bitcoin has been trading well below its short-term owner’s realized price for months. In fact, crypto analyst Axel Adler Jr explained that the realized price of STH is close to $85.8 thousand, while the market price of BTC is only $67.7 thousand.
Moreover, he noticed that the STH price fell to -5.35% on an annual basis; This is something that hasn’t happened since the 2022 bear market.
The combination of short-term loss holders and a negative annual realized price of STH reinforces the idea of weak demand and bear market conditions.
The analyst also observed that short-term holders’ production profit/loss has been below 1 since December 2025. In other words, STHs are sold Bitcoin We have been at a loss for months.
Once again, long periods where the SOPR remains below 1 bear market conditions. A press time reading of 0.989 indicated moderate selling pressure.
As long as the SOPR remains below 1 and the market price is far from the realized price, any jump in Bitcoin prices will be sold as market participants seek to cut their losses or exit the market at the breakeven point.
Whale selling pressure slows down
Another analyst, Darkfost, observed in a post on CryptoQuant Insights that whales are particularly active in February and early March. At that time, Bitcoin was trading between $64,000 and $69,000.
The temporary rally, which reached $76 thousand in March, was accompanied by a decrease in Bitcoin whale inflows to Binance. 30-day inflows dropped from 4,000 BTC to 1,600 BTC, indicating a slowdown in selling pressure from the biggest whales.
The biggest market players have been adopting a wait-and-watch approach in recent weeks, but Bitcoin’s recent decline below $70,000 has created a new wave of selling among the rest.
The 7-day moving average of Coin Days Destroyed exchange inflow was also on the rise last week. Higher values indicate that longer-term sellers may be in a position to sell their BTC.
It is worth noting here that the entry CDD is well below February panic levels. However, it increased slightly last week.
Final Summary
- Short-term holders may be largely underwater; SOPR shows that moderate selling pressure from this group is still present.
- The slowdown in whale arrivals has suggested that the biggest market players may adopt a wait-and-watch approach.
