Price ÷ short-term holder realized price — Market price ÷ STH realized price (coins <155d). <1 = recent buyers underwater
STH MVRV uses Bitcoin's UTXO cost-basis data: Price ÷ short-term holder realized price. It connects the current market with the prices at which coins were last moved.
Look for changes in profit, loss and holder cost basis across weeks or months. Those shifts show whether the market is absorbing supply or realizing stress.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.