This chart presents an approximation of the STH-MVRV and thus an estimate of the STH Realized Price. It is developed based on an observation and study showing that the 120D-EMA of price, has a relatively high correlation to the STH Realized Price.

As such, this chart presents:

• 🔴 120D-EMA of Price as an approximation of the Short-Term Holder Realized Price
• 🟠 120D-EMA MVRV as an approximation of the Short-Term Holder MVRV