📉 Short-term holders are again realizing losses after 4 months

🔎 The SOPR of STH (30D MA) fell below 1, indicating that short-term investors are selling at a loss.

📊 This occurs despite the BTC rally from $60K to $125K, with descending peaks of the SOPR instead of retail euphoria.

🏦 The divergence indicates that the rise was sustained by strong and institutional hands, not by speculators.

⏳ Historically, cycle highs occur with extreme peaks of greed, something that has not yet been seen, suggesting a healthy pause in a larger bullish cycle.