[Analyst: Bitcoin Short-Term Holders Selling at Loss, Market Pressure Structure Unchanged] BlockBeats News, March 9, crypto market analyst Axel stated in his latest report that over the past 8 days, the 'Bitcoin Short-Term Holder SOPR' indicator has been below 1.0 for 7 days, indicating that this group is systematically selling below their cost price. The indicator briefly exceeded 1.0 on March 4 when the price temporarily reached $70,800, but quickly reverted to the loss-selling mode. Meanwhile, the 'Short-Term Holder Supply' indicator has dropped from approximately 6.06 million BTC to 5.92 million BTC, a decrease of 140,000 BTC within two weeks. The average cost for this group is around $89,028, while the current market price is approximately $67,175, representing a 24% gap and significant unrealized losses. Axel explained that the decline in supply may reflect two scenarios: either capitulation behavior due to realized losses or the natural 'maturation' of tokens transitioning to long-term holdings. The substantial gap between cost price and current price creates a structural oversupply. If prices rebound, some short-term holders may take advantage of the recovery to exit without losses, further suppressing the rebound momentum. A true shift in market structure would require the SOPR indicator to remain above 1.0 for several consecutive days, accompanied by a simultaneous price increase.