Short-term holders P&L swung from +2.5K BTC profit to -2.7K BTC loss in under 48 hours. Both legs ended at exchanges. ⚠️ Last time STH behavior was this erratic on both sides of a price move: March 2024 distribution top. - Apr 3-5: BTC 66.5K-67.5K, P&L slightly negative - sending at a loss, low volume, no panic - Apr 6-7: price ripped to 71.5K, STH P&L spiked to +2.5K BTC - profit-intent inflows staged at exchanges on both pumps - Apr 7-8: price retraced to 68K, P&L crashed to -2.7K BTC - underwater holders sending to exchanges, capitulation pressure elevated - Apr 8-9: recovery to 72K+, P&L flipped positive again - same playbook, sell-side supply reloaded into the rip Every pump: exchange inflows in profit. Every dip: exchange inflows at a loss. Neither direction is being absorbed. Overhead supply is not clearing. Bearish bias. Until loss-sending dries up on dips and profit inflows stop on pumps, this is a churn market - not a base.