According to CoinMeta, the change in net positions of short-term holders is approaching a positive value again, indicating that short-term holders are reducing distributions and returning to net accumulation. Historically, a positive net position does not always indicate a bullish outlook for Bitcoin. In some cases, this change has foretold strong price increases, while in other cases, the impact has been limited. What is truly important is the intensity and sustainability of the accumulation; the stronger and more sustained the positive change, the higher the relevance of this signal to the short-term market structure of Bitcoin.