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."

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on the X platform that the ETH/BTC NUPL has hit a 4-year low. This reflects the bottom levels of early 2020, which may present an opportunity for Ethereum believers.NUPL (Net Unrealized Profit/Loss) is an indicator that measures market sentiment and the unrealized profits and losses of cryptocurrency holders. It reflects the overall state of the market by calculating the net value of unrealized profits and losses of all held assets in the market.