Bitcoin’s most fickle cohort has just printed its most extreme stress reading of 2026, and on-chain analysts are cautioning it is too early to call a floor. The latest data from the on-chain update shows short-term holders (STHs) capitulating at a level not seen this year. It is the kind of signal that historically gets traders talking about local bottoms, but CryptoQuant contributor Moreno warned that a single 24-hour extreme is a stress marker, not a standalone reversal signal, and the real danger lies in whether exchange inflows stay elevated.