[Analysis: BTC Short-Term Holders' Capital Shrinks by 56%, but Market Structure Shows No Signs of Total Collapse] CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's price has fallen back to around $62,000, bringing the market into an unrealized loss state. The realized market value drawdown for short-term holders (STH) has deepened to -56%, compared to -26% three months ago, indicating a significant capital shrinkage among short-term holders. Meanwhile, the realized market value drawdown for long-term holders (LTH) remains close to zero, showing no signs of large-scale capital outflows among long-term holders. The aNUPL indicator has dropped below zero, with the current value at -0.14, whereas a month ago the indicator was near zero, suggesting the market has been under loss pressure for approximately three consecutive months.