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Analyst: Short-term Bitcoin holders have not yet taken significant profits to form selling pressure, and upward momentum is still accumulating

On May 6th, CryptoQuant analyst Axel Adler Jr. posted on social media that short-term Bitcoin holders (holding for 1 to 3 months) represent the most aggressive market participants, including professional speculators trading Bitcoin through ETF brokers. In the current bull market cycle, their Net Unrealized Profit/Loss (NUPL) usually rises to over 40%, after which they start taking profits, leading to selling pressure in the spot market.

Currently, this group's NUPL is at 8%, with its 30-day Simple Moving Average (SMA) still in negative territory, maintaining at -2%. Before the NUPL breaks above 40%, the selling pressure from this group will remain at a lower level, which is seen as a bullish signal.

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