Bitcoin short-term holders, defined as investors holding for less than six months, have seen their SOPR (spent output profit ratio) rise above 1 to about 1.01 for the first time in more than a year, according to CryptoQuant analyst Darkfost. The metric tracks realized profits among this holder group. After remaining in average losses for about a year during the previous bear market, short-term holders are showing a stronger recovery than during May’s brief rebound, suggesting improving sentiment. Darkfost said regular, moderate profit-taking is part of a healthy market, particularly among short-term holders, who are considered its most active and sensitive participants. He added that the signal would be particularly positive if the 30-day moving average of STH SOPR holds near its current level, noting that historical bull markets have been accompanied by sustained profit realization among short-term holders.