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.