Analysis: Short-term Bitcoin holders’ discount narrows; market rebounds but risk appetite has not yet kicked in

According to on-chain analyst Axel Adler Jr. (@AxelAdlerJr), the discount for Bitcoin short-term holders (STH) has narrowed from -21.6% to -5.7%, and the 7-day moving average of the STH-SOPR has rebounded above 1.0, indicating short-term sellers are no longer clearly in loss territory. However, the current price remains below the $83,000 cost basis, meaning the market has not yet entered a genuine risk-on phase.