[CryptoQuant Analyst: Bitcoin Short-Term Holders Capitulate, Market Faces Localized Pressure] CryptoQuant analyst Axel Adler Jr stated in an article that the Bitcoin market is currently in an adjustment phase, with a 30% pullback from its all-time high. Indicators such as the Short-Term Holder Spent Output Profit Ratio (STH SOPR) and Profit/Loss Block (P/L Block) show that market participants are realizing losses, and market sentiment is deteriorating. Short-term holders are exhibiting capitulation behavior, and the current market is facing localized pressure.