Bitcoin short-term holders face a 6% floating loss, with no mass sell-off observed.

ME News reports that on August 17 (UTC+8), CryptoQuant analyst Axel Adler Jr. stated that Bitcoin’s short-term holders (STHs) are currently in a state of unrealized loss relative to their entry cost, but the magnitude of realized losses remains limited, with no signs of large-scale selling or capitulation. The STH MVRV ratio is holding around 0.94, having remained below the 1.0 parity level for 98 consecutive days—corresponding to over three months of sustained unrealized loss. The realized price for this group is approximately $67,300, while the current spot price is around $63,200, indicating an average unrealized loss of about 6%. The price remains above the -1σ support level at $59,300, with the deeper pressure zone at -2σ located at $49,200, suggesting a controlled pullback rather than structural breakdown. On behavioral indicators, the STH SOPR (7-day moving average) is trading at approximately 0.996, slightly below 1.0, indicating that this group is realizing marginal losses but remains close to breakeven. The indicator has recently fluctuated narrowly between 0.996 and 1.002; it briefly touched 1.0 on August 10 before retracing, with no signs of a deep sell-off. MVRV and SOPR corroborate each other: short-term holders are under pressure and realizing modest losses, but this has not escalated into panic liquidation. The analysis notes that upward recovery requires SOPR to stabilize above 1.0 and MVRV to rise back above 1.0 (with spot price breaking above the realized price of ~$67,300). Downside risk emerges if the price breaks below the -1σ support at $59,300 and extends toward $49,200, accompanied by further weakening of SOPR. The current structure remains supported, with pressure present but no signs of capitulation. (Source: ChainCatcher)