Analysts: Short-term holders of Bitcoin have not yet taken large profits to form selling pressure, and upward momentum is still accumulating."
On May 6, CryptoQuant analyst Axel Adler Jr. A post on social media stated that short-term Bitcoin holders (holding money for one to three months) represent the most aggressive market participants, including professional speculators who trade Bitcoin through ETF brokers. In the current bull market cycle, their net unrealized gains and losses (NUPL) typically rise to more than 40% after which they start taking profits, creating selling pressure in the spot market. Currently, this group's NUPL is 8%, and its 30-day simple moving average (SMA) is still negative, maintaining at-2%. Selling pressure from this group will remain low until NUPL breaks through 40%, which is seen as a bullish signal.
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