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

According to Mars Finance, on May 6, CryptoQuant analyst Axel Adler Jr. stated on social media that 'short-term holders of Bitcoin (holding period of 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 and loss (NUPL) usually rises to over 40%, after which they begin to take profits, creating selling pressure in the spot market. Currently, this group's NUPL is at 8%, and its 30-day simple moving average (SMA) remains negative at -2%. Before the NUPL breaks 40%, the selling pressure from this group will remain low, which is seen as a bullish signal.'