TechFlow, Dec 15 — CryptoQuant analyst Axel Adler Jr. posted on social media that the Bitcoin market is currently in an adjustment phase, down 30% from its all-time high. Two on-chain metrics—Short-Term Holder Spent Output Profit Ratio (STH SOPR) and Profit/Loss Block (P/L Block)—indicate that market participants are realizing losses and market sentiment is deteriorating. Short-term holders are showing capitulation behavior, and the market is facing localized pressure.
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