What it shows
This page shows the cost basis of short-term holders. The cost basis is the average price at which coins younger than 155 days last moved. This is also called the realized price of that group. MVRV here equals the BTC price divided by this cost basis. A ratio above 1.0 means the price is above the average cost of short-term holders. A ratio below 1.0 means it is below. The upper panel draws the price and the cost basis. The lower panel draws the ratio in two colors, one above 1.0 and one below.
- STH cost basis line
- Price-to-cost ratio panel
- Profit and loss colors
How to read it
Compare the price with the cost basis line in the upper panel. Price above the line means short-term holders are, on average, in profit. Price below it means they are in loss. The lower panel shows the same fact as a ratio around 1.0. The ratio is green when it is at or above 1.0 and red when it is below. A dashed line marks 1.0. Past dips of the ratio below 1.0 coincided with weak price phases. Compare how long the ratio stayed on each side of 1.0 in earlier periods. The ratio describes the present, not the next move.
- Compare the price line with the cost basis line.
- Read the ratio in the lower panel and note the side of 1.0.
- Check how long the ratio stayed on each side of 1.0.
What to keep in mind
The cost basis depends on the 155-day line between short-term and long-term holders. This line is a convention. The measure is an average, so it hides the spread between holders. Wallets of one owner can inflate the count of moves. The ratio uses the daily price, so intraday moves do not show. Use the chart together with other data.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What is STH MVRV?
STH MVRV compares the market price with the cost basis of short-term holders. MVRV stands for Market Value to Realized Value. Above 1.0 means the price is above the average cost of recent buyers. Below 1.0 means it is below.
How is the short-term holder cost basis calculated?
Each coin is valued at the price when it last moved on-chain. The cost basis is the average of these prices over coins younger than 155 days. It is the realized price of short-term holders. It moves as coins age out or move again.
What does STH MVRV below 1 mean?
It means the price is below the average cost of short-term holders. On average, recent buyers hold coins at an unrealized loss. The app colors this area differently from the area above 1.0. It does not say what price does next.