CryptoQuant analyst Axel Adler Jr. said Bitcoin rose from about $63,000 to $77,000 over the past eight days, lifting the share of short-term holder supply in profit from 26.1% on August 17 to 74.9%. According to Odaily, he said this means most short-term holders have returned to profit.

Adler also said the net profit-and-loss metric for short-term holders sending Bitcoin to exchanges turned positive and reached 28,600 BTC on August 24, above the 25,000 BTC level. He said the risk of concentrated selling by short-term holders would increase if the metric stays above 25,000 BTC while Bitcoin's upward momentum slows. He added that if the metric falls back near zero while Bitcoin remains stable, potential selling pressure would ease.