Bitcoin Short-Term Holders Discount Narrows to -5.7%, SOPR Signals Recovery

Gate News message, April 24 — Bitcoin short-term holders (STH) are showing signs of recovery as their discount narrowed from -21.6% to -5.7%, according to on-chain analyst Axel Adler Jr. The STH-SOPR (Spent Output Profit Ratio) 7-day moving average has climbed back above 1.0, indicating that short-term sellers are no longer in significant losses.

However, the current price remains below the $83,000 cost basis, suggesting the market has not yet entered a true risk-on phase. While the improving metrics signal reduced selling pressure from short-term holders, broader market sentiment remains cautious.