Bitcoin Short-Term Holder Cost Basis Rises to $76,000 as MVRV Nears Breakeven

TechFlow reported on Nov. 1 that, according to an analysis by on-chain analyst Darkfost, the average cost basis of Bitcoin short-term holders (STHs) is currently around $76,000, and their MVRV (market value to realized value ratio) is approaching 1, indicating that the group's overall holdings are nearing breakeven.

Data shows that the short-term holder MVRV broke above 1.18 in late September, marking the highest level since July 2025 and indicating that the group's unrealized gains had reached their highest level in more than a year. Meanwhile, the average cost basis of short-term holders has continued to rise from $67,500 in mid-August to about $76,000 now.

Darkfost noted that as Bitcoin's medium-term momentum turns positive, the area where MVRV approaches 1 could become a key decision zone for short-term holders, who may choose to continue accumulating or may capitulate and sell amid price pullbacks.

Source: TechFlow