According to BlockBeats, CryptoQuant analyst Axel Adler Jr. stated that short-term Bitcoin holders represent the most aggressive market participants. During bull market cycles, their net unrealized profit and loss (NUPL) typically starts to realize profits after exceeding 40%.
Currently, the NUPL of this group is 8%, and its 30-day simple moving average (SMA) is in negative territory, remaining at -2%. Selling pressure will remain low before the NUPL breaks 40%, which is considered a bullish signal.
