According to CoinMeta, as analyzed by analyst Darkfost, since October, BTC has been going through a distribution phase and has already corrected by about 15%. In the short term, holders who took profits are now mainly in a loss-making position. Within the past 24 hours, short-term holders have transferred 48,500 BTC to exchanges, of which 47,300 were at a loss, representing one of the strongest short-term holder sell-offs in recent months.