On May 6, CryptoQuant analyst Axel Adler Jr. posted on social media that bitcoin short-term holders (holding coins for 1 to 3 months) represent the most aggressive market participants, including professional speculators who trade bitcoin through ETF brokers. During the current bull cycle, their net unrealized profit and loss (NUPL) typically rises to a range above 40%, after which they start taking profits, thus forming a selling pressure on the cash market. At present, the NUPL of this group is 8%, and its 30-day simple moving average (SMA) remains negative at -2%. Until the NUPL breaks through 40%, the selling pressure brought by this group will remain low, which is seen as a bullish signal.