Short-Term Holders Are Getting Rekt While Whales Quietly Stack Sats

Bitcoin [BTC] is stuck in a tight consolidation phase, and things are getting spicy beneath the surface. The price is trading sideways to bearish, with short-term holders (STH) doing what they do best: panic selling. Yep, nothing says "diamond hands" like dumping at the first sign of red.

Recent buyers are deep in the red, with outflows staying stubbornly negative. A nasty capitulation spike of around -80,000 BTC hit in early February when BTC plummeted from roughly $90,000 to $65,000. While flows have eased since then, they're still hovering near -28,200 BTC—classic stress signals. For context, that's roughly the entire life savings of several mid-tier influencers being redistributed.

Only 4.9% of STH supply remains in profit, and the STH-MVRV sits at 0.7, meaning recent buyers are underwater. Meanwhile, aggregate NUPL stays positive, showing long-term holders (LTH) are still sitting on unrealized gains. The vibes? Completely detached.