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

ChainCatcher news, CryptoQuant analyst Axel Adler Jr. posted on X, "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. During the current bull market cycle, their net unrealized profit and loss (NUPL) typically 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%. The selling pressure from this group will remain low until the NUPL breaks above 40%, which is seen as a bullish signal."