CryptoQuant analysis shows that the short-term holders' realized profit-to-spend ratio (STH SOPR) of Bitcoin has sharply fallen below 1, indicating that short-term holders are realizing losses, which is a typical sign of panic selling in this group. Short-term holders not only have unrealized losses in their holdings but are also actively capitulating and dumping, with the scale of this panic selling exceeding $3.39 billion at a price of $113,000 per coin.