The net position change over 30 days of long-term holders (LTH) has sharply decreased to -750k BTC, just as Bitcoin's price rally continues.

However, BTC's price has not significantly dropped, as short-term holders (STH) continue to accumulate even at high prices. The net position change of STH reached a positive value of +750k BTC.

Interestingly, as STH accumulate at high prices, the SOPR index of STH has turned negative (<1), indicating they have started to operate at a loss.

This may lead them to choose to hold instead of selling at a loss or trying to buy at lower prices.

If demand from STH remains strong and demand from LTH recovers to neutral or positive levels, this combination could create positive momentum for BTC.