At press time, Bitcoin (BTC) was trading at $67.7k, having rebounded from its low of $66.2k on Tuesday, March 31. While the price has remained above the $65.6K demand zone established in early March, the bulls are having difficulty pushing the price higher.
Now, Bitcoin is trading at a price well below the price its short-term holder achieved months ago. In fact, cryptocurrency analyst Axel Adler Jr revealed that the realized price of STH was close to $85.8k, while the market price of BTC was only $67.7k.
Furthermore, STH realized that the price fell to -5.35% year-over-year, something that has not happened since the 2022 bear market.
The combination of short-term holder losses and the negative price achieved year-over-year STH simply reinforces the notion of weak demand and bear market conditions.
The analyst also noted that short-term stockholder production P/Es have been less than 1 since December 2025. In other words, STH has been selling Bitcoin At a loss for several months now.
Again, the extended periods in which the SOPR remained below 1 were representative of 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 bounce in the Bitcoin price will be sold as market participants seek to cut their losses or exit the market at breakeven.
Whale selling pressure has slowed
Another analyst, Darkvost, noted in a post on CryptoQuant Insights that whales were particularly active in February and early March. At the time, Bitcoin was trading between $64,000 and $69,000.
The temporary rise to $76,000 in March was accompanied by a decline in Bitcoin whale inflows to Binance. 30-day inflows decreased from 4,000 BTC to 1,600 BTC, indicating slowing selling pressure from the largest whales.
The market’s biggest players have adopted a wait-and-see approach in recent weeks, but Bitcoin’s recent decline below $70,000 has sparked a new wave of selling from the rest.
The 7-day moving average of devastating currency flow days rose over the past week as well. Higher values indicate that more long-term sellers may be in a position to sell their Bitcoin.
Here, it is worth noting that CDD flows were well below panicked February levels. However, it has risen slightly over the past week.
Final summary
- Short-term holders could be largely underwater, as SOPR shows that moderate selling pressure from this group still exists.
- The slowdown in whale flows suggests that the market’s largest players may be adopting a wait-and-see approach.
