The current crypto market is showing negative pressure, particularly among short-term investors. The latest data indicates that Bitcoin holders who have kept their coins for 1 to 3 months are the most active sellers, realizing losses. This is a significant change as typically the most reactive sellers are those holding for less than a week.

However, realized losses are relatively low compared to unrealized losses. Selling pressure to exchanges is also decreasing, indicating that short-term holders prefer to hold onto their assets despite being in a losing position.

In previous cycles, significant losses often preceded local lows. The decrease in selling pressure may indicate a change in sentiment, with holders willing to endure short-term pain for long-term gains. If this trend continues, it could be the process of bottom formation, paving the way for stabilization or even price reversal.

Short-term holders currently have 28% of the circulating Bitcoin supply. If these assets shift to long-term holders, it could be a catalyst for a future surge in Bitcoin prices. The coming weeks will be crucial.