Dashboard/Lab/STH MVRV

STH MVRV

Cohort Cost Basis

Short-term holder MVRV — market value vs cost basis for coins under 155 days. Above 1 = STHs in profit, below 1 = underwater (historically a buy zone).

Current Value

1.0940

As of

2026-10-16

Z-Score

—

Signal

Yellow

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Methodology

Open, reproducible — computed from our own archive node

Definition

Short-Term Holder MVRV — market value vs cost basis for coins under 155 days.

Formula

sth_mvrv = (sth_supply_btc × price) / sth_cost_basis_usd

How we compute it

Cohort market value over cohort cost basis, from the cohort-extraction stage.

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

Above 1 = STHs in aggregate profit; below 1 = underwater (historically a buy zone). STH-MVRV is more responsive than aggregate MVRV.

< 1STHs underwater (buy zone)
1 – 1.5Modest profit
> 1.5Profit-taking risk

Caveats & limitations

  • ·Requires the cohort-extraction stage.
Data points: 5,749 rows, 2011-01-20 to 2026-10-16Open in Lab →

Current STH MVRV reading

As of 2026-10-16, Bitcoin’s STH MVRV is 1.094, compared with 0.955 one year earlier (2025-10-16). The series has 5,749 daily readings from 2011-01-20 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest STH MVRV on record is 3.644 on 2011-06-07; the lowest is 0.223 on 2011-10-20. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

  • Realized Price — Aggregate cost basis of all coins — realized cap divided by circulating supply.
  • STH Cost Basis — Realized price of short-term holders (coins younger than 155 days).
  • LTH Cost Basis — Realized price of long-term holders (coins older than 155 days).
  • LTH MVRV — Long-term holder MVRV — market value vs cost basis for coins over 155 days.
  • STH SOPR — Spent Output Profit Ratio for short-term holders.

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: Cohort Cost Basis. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.