Definition. Short-Term Holder MVRV plotted against its break-even level of 1, with the short-term holder cost basis overlaid on price.

Technical. STH-MVRV is the ratio of price to the average acquisition price of coins moved within the last 155 days. It is split into two series by its 7-day SMA: one drawn while the average is above 1, one while it is at or below. Reference lines sit at 0.6, 0.8, 1.2, 1.4 and 1.6. The short-term holder realized price overlaid on price is price divided by STH-MVRV.

Interpretation. Above 1 the average recent buyer holds an unrealized profit and has an incentive to take it; below 1 that cohort is underwater, a state that has marked local capitulation within uptrends and the deeper phases of bear markets. The reference lines mark the deviations at which those two conditions have historically become extreme.

Notes. A momentum reading of the same ratio against its own 365-day average is charted as Short-Term Holder MVRV Momentum.