Short Term Holder MVRV

Aug 10, 2024

Short-Term Holder MVRV is an indicator designed to assess the ratio between the Market Value and the Realized Value of Bitcoin that has been held for less than 155 days.

• Market Value is calculated as the current price of Bitcoin multiplied by its circulating supply.
  
  
• [Realized Value is derived by multiplying the realized price of Bitcoin (the price at which the coins last moved) by the circulating supply. It represents the total cost basis of all Bitcoin held by short-term holders.
  

Key Interpretations:

1. Indicator Value < 1: When this metric is below 1, it suggests that the market value of Bitcoin held by short-term holders is lower than their cost basis (Realized Value), meaning they are, on average, holding at a loss. The lower this value, the greater the average loss.
   
   
2. Indicator Value > 1: When the metric exceeds 1, it indicates that the market value is higher than the realized value, signifying that short-term holders are, on average, in profit. The higher this value, the greater the average profit.
   
   
3. Indicator Value = 1: The value of 1 is seen as a breakeven point for short-term investors, often acting as a critical support or resistance level for Bitcoin's price.
   

Nov 18, 2024

Release Notes

Update to Pinescript V6

STH-MVRV (MVRV) (sthMVRV): This indicator compares Bitcoin's current MVRV ratio to its 155-day SMA.
It focuses on the relationship between market value and realized value, providing insight into short-term holder profitability and broader market conditions. A value above 1 suggests profitability, while a value below 1 indicates potential losses for short-term holders.

STH-MVRV (Price) (sthMVRV2): This indicator compares Bitcoin's current price to its 155-day SMA.
It emphasizes price momentum, revealing whether the price is extended above or below its historical average. A value above 1 implies the current price is higher than the 155-day average, and below 1 suggests the opposite.

STH-MVRV (AVG) (AvgMVRV): This metric averages the STH-MVRV (MVRV) and STH-MVRV (Price) values, combining both on-chain value dynamics and price momentum. It provides a balanced view of market conditions, capturing insights from both profitability and price trends.

Oct 13

Release Notes

Update: Due to the delisting of INTOTHEBLOCK:BTC_MVRV, the indicator now calculates STH-MVRV using BTC price data only.

Oct 13

Release Notes

Update: Due to the delisting of INTOTHEBLOCK:BTC_MVRV, the indicator now calculates STH-MVRV using BTC price data only.

2 hours ago

Release Notes

Update (Dec 2025)

Re-added the MVRV-based STH-MVRV calculation that was previously removed due to data-source delisting issues.
The indicator now once again includes the full STH-MVRV (MVRV) ratio using Market Cap and Realized Cap data, in addition to the Price-based and AVG versions.

• Added a new “Plot Both (MVRV + Price)” mode, allowing the STH-MVRV (MVRV) and STH-MVRV (Price) ratios to be displayed together on the chart for direct comparison.
• Added fixed color logic for dual-plot mode to ensure both lines remain clearly visible.
• Improved bar-coloring behavior — bar colors are now automatically disabled when plotting both ratios simultaneously to avoid mixed signals.

GM