[Analyst: Short-Term Holders Are Selling, But No Large-Scale "Capitulation" Sell-Off Yet] CryptoQuant analyst Axel Adler Jr. wrote that the average realized profit/loss ratio (STH-SOPR) for short-term holders has fallen to 0.993, indicating that short-term holders are selling at a loss. However, there are no signs of a large-scale "capitulation" sell-off yet. This indicator has fallen to even lower levels during previous periods of market stress. While losses are being realized, their scale does not currently appear extreme.