[Axel Adler Jr: Bitcoin Short-Term Holder Discount Narrows to -5.7%] According to on-chain analyst Axel Adler Jr (@AxelAdlerJr), the Bitcoin short-term holder discount has narrowed from -21.6% to -5.7%. The STH-SOPR 7-day moving average has risen above 1.0, indicating that short-term sellers are no longer incurring significant losses. However, the current price remains below the $83,000 cost basis, and the market has not yet entered a risk-on phase.