On-chain analyst Darkfost reported that Bitcoin Short-Term Holder (STH) MVRV (Market Value to Realized Value, an on-chain indicator showing overall market unrealized profit/loss) has reached its highest level since November 2025. He stated, "After BTC surpassed the average purchase price of short-term holders, approximately $73,100, in August-September, the upward trend of STH MVRV accelerated. Currently, the indicator stands at 1.15, indicating that short-term holders are recording an average of approximately 15% in unrealized gains. The market cap of short-term holders also exceeds the realized market cap. As the profit zone expands, profit-taking movements may emerge, so it is necessary to observe carefully."
