Definition. Overlays the MVRV Ratio of the whole market against the long-term and short-term holder cohorts, shaded for the periods when aggregate MVRV is statistically elevated.

Technical. The three series are the market-wide MVRV Ratio, STH-MVRV (coins younger than 155 days) and LTH-MVRV (coins older than 155 days). The shading marks every day on which market-wide MVRV trades above its all-time mean plus half a standard deviation, both computed cumulatively.

Interpretation. Splitting MVRV by cohort shows where the unrealized profit actually sits. Long-term holders carry a far higher multiple than recent buyers for most of a cycle, and the size of that gap is what determines how much latent sell pressure the market is carrying. The shaded periods are those in which the average participant holds a statistically meaningful gain and therefore a real incentive to sell.