INSIGHT: On-chain analyst Axel Adler Jr. flags a concerning trend for $BTC: short-term holders are selling at an accelerating loss. The 7-day average for Net Realized Losses has worsened 60% weekly to -$410M. This is reinforced by the Short-Term Holder SOPR metric, which has remained in loss territory for nine consecutive days, signaling that recent buyers are capitulating. According to Adler, a true recovery signal would require the SOPR to flip back above 1.0 as Net Realized P/L turns positive.