Wu says that according to CryptoQuant data, short-term holders of BTC are showing the most severe capitulation signal this year. In the past 24 hours, 53,800 BTC have all flowed into exchanges at a loss, while the inflow on the profit side has plummeted to zero, marking the most extreme loss-dominated short-term holder transfer of the year. Additionally, investors who recently bought at high levels of $80k are sending BTC to exchanges to sell in a weak market rather than choosing to hold.