Odaily News , CryptoQuant analyst Axel Adler Jr. wrote on X that "short-term Bitcoin holders (holding time is 1 to 3 months) represent the most aggressive market participants, including professional speculators who trade Bitcoin through ETF brokers. In the current bull market cycle, their net unrealized profit and loss (NUPL) usually rises to a range of more than 40%, after which they begin to take profits, thus forming selling pressure in the spot market. Currently, the NUPL of this group is 8%, and its 30-day simple moving average (SMA) is still negative, maintaining at -2%. Until NUPL breaks through 40%, the selling pressure brought by this group will remain at a low level, which is seen as a bullish signal."