[Analyst: Loss selling by short-term holders remains high, STH-SOPR indicates selling pressure is still accumulating] According to a report by Jinse Finance, CryptoQuant analyst Axel Adler Jr released a market analysis stating that loss selling by short-term holders (STH) remains at a high level. The 7-day STH-SOPR indicator is at 0.9904, indicating that loss-making transactions dominate during the current price decline. The Z-score of this indicator is −1.29, reflecting that selling pressure is increasing; however, the current pressure level is still moderate. Referring to the pullback in August 2024, the indicator at that time dropped to 0.9752, with a Z-score of −2.43, marking a phase of deep panic selling by short-term holders. Data from recent weeks shows that loss-selling behavior is gradually accumulating. Although the SOPR briefly rebounded above parity (1.0005) at the end of October, selling pressure intensified again in early November, though it has not yet reached the extreme levels seen in the early stages of a bull market.