Analyst: Bitcoin Short-Term Holders Have Not Yet Taken Significant Profits to Create Selling Pressure, Upward Momentum Still Accumulating

On May 6, CryptoQuant analyst Axel Adler Jr. posted on social media stating that short-term Bitcoin holders (holding for 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/loss (NUPL) typically rises to over 40%, after which they begin to take profits, creating selling pressure in the spot market.

Currently, the NUPL for this group is 8%, and their 30-day simple moving average (SMA) remains negative, staying at -2%. The selling pressure from this group will remain at a low level until the NUPL breaks through 40%, which is considered a bullish signal.