Short-term holders are losing capital: -56%, while LTH show almost no drawdown

Adler AM: Bitcoin Morning Brief · Jun 23, 2026 · 20m

This brief is about short-term holders moving into loss while capital inside the STH group is shrinking sharply. At the same time, the LTH group shows almost no drawdown. The logic is simple: the pain is real, but it is concentrated in weak hands. The market structure does not yet look like a full cycle-wide capitulation.