[Analyst: Short-Term Bitcoin Holders Send 47,300 BTC to Exchanges at a Loss in the Past 24 Hours] CryptoQuant analyst Darkfost wrote that since October, Bitcoin has undergone a token distribution phase, resulting in a pullback of approximately 15%. Following a profit-taking phase by short-term holders (STH), losses are currently dominant. In the past 24 hours, short-term holders sent 48,500 BTC to exchanges, with 47,300 of them sent at a loss, making this one of the strongest STH capitulations in recent months.