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%, with the 7-day moving average of the STH-SOPR rising back above 1.0, indicating that short-term sellers are no longer clearly in a loss position. However, the current price remains below the cost basis of $83,000, and the market has not yet entered a truly risk-on phase.