Bitcoin short-term holder sentiment and positioning have moved into a zone worth watching, according to CryptoQuant analyst Darkfost. In a Sept. 28 market note cited by BlockBeats, Darkfost said the short-term holder, or STH, MVRV metric has climbed to its highest reading since November 2025. The move picked up pace from August through September after Bitcoin broke above the short-term holder cost basis, which was put at about $73,100.
The latest reading for STH MVRV stands at 1.15. Based on that figure, short-term holders are sitting on an average unrealized profit of roughly 15%, and the cohort has moved back above realized value. Darkfost said this level deserves close attention because it could lead some short-term holders to start taking profits. The note did not provide any additional forecast beyond that observation, but it framed the current setup as a point where profit realization pressure may begin to appear.
Bitcoin short-term holders have pushed their MVRV reading to the highest level since November 2025, according to CryptoQuant analyst Darkfost, in a Sept. 28 update cited by BlockBeats.
Darkfost said momentum in the metric accelerated from August to September, mainly because Bitcoin's price moved above the short-term holder cost basis of about $73,100.
Data cited in the note showed the current STH MVRV at 1.15. That suggests short-term holders are carrying an average unrealized profit of about 15% and have moved back above realized value.
Darkfost said the level should be watched closely, as it may prompt short-term holders to begin taking profits.
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