Bitcoin’s months-long uptrend stalled this week as the token fell under the $113,000 mark. On-chain data show short-term holders—wallets that acquired coins within the past five months—have begun selling at a loss for the first time since January, marking a shift in market structure. Roughly 50,026 BTC worth about $5.69 billion were transferred from these investors to exchanges over a two-day span, the deepest capitulation in more than a month. The move suggests that recent buyers are losing confidence after the cryptocurrency’s retreat from cycle highs. Sentiment indicators echo the turn. Social-media analytics record the most bearish mood among retail traders since 22 June, while global Google searches for the term “alt season” have halved week-on-week, pointing to fading interest in riskier digital assets. Glassnode figures compiled by Benzinga add that long-term investors have realised more than $1.5 billion in Bitcoin gains since 18 July, the heaviest profit-taking since December 2024. Ethereum, XRP and other large tokens show similar patterns, suggesting a broader round of distribution. Analysts are divided on whether the shake-out heralds a deeper correction or a reset that clears the way for renewed gains. Historically, extreme fear among retail traders has sometimes preceded sharp rebounds, but sustained selling from both short- and long-term holders could pressure prices further.