Analysis: The discount for short-term Bitcoin holders is narrowing, the market is recovering but risk appetite has not yet opened up

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