BlockBeats News: On May 6th, CryptoQuant analyst Axel Adler Jr. posted on social media that "Bitcoin short-term 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 gains and losses (NUPL) typically rise to the range of over 40%, after which they begin to take profits and create selling pressure in the spot market.
At present, the NUPL of this group is 8%, and its 30 day simple moving average (SMA) is still negative, maintaining at -2%. Before NUPL breaks through 40%, the selling pressure brought by this group will remain at a low level, which is seen as a bullish signal