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