Bitcoin Short-Term Holders Narrow Discount as Market Sentiment Shifts

Bitcoin short-term holders have seen their discount narrow significantly, according to ChainCatcher. On-chain analyst Axel Adler Jr. reports that the discount for short-term holders has decreased from -21.6% to -5.7%. Additionally, the seven-day moving average of the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) has risen above 1, indicating that short-term sellers are no longer predominantly in a loss position. Despite these positive indicators, the current price remains below the cost basis of $83,000, suggesting that the market has not yet fully entered a risk-on phase.