Data: Analysis: Bitcoin short-term holder discount narrows, market is recovering but risk appetite has not yet started

According to ChainCatcher, on-chain analyst Axel Adler Jr (@AxelAdlerJr) has observed that the discount for Bitcoin short-term holders (STH) has narrowed from -21.6% to -5.7%. The 7-day moving average of STH-SOPR has risen back above 1, indicating that short-term sellers are no longer clearly operating at a loss. However, the current price still remains below the cost basis of $83,000, and the market has not yet entered a true risk-on phase.