Bitcoin short-term holder cost basis rises to $76,000, MVRV ratio nears break-even point

on November 1, according to on-chain analyst Darkfost, the average cost basis for Bitcoin short-term holders (STH) currently stands at approximately $76,000. The group's MVRV (Market Value to Realized Value ratio) metric is approaching 1, signaling that their overall portfolio profitability is nearing the break-even level.

Data indicates that the MVRV for short-term holders breached 1.18 in late September, reaching its highest level since July 2025, indicating that the group's unrealized profits hit a more-than-one-year high at that time. Meanwhile, the average cost basis for short-term holders has steadily risen from $67,500 in mid-August to roughly $76,000 today.

Darkfost noted that as Bitcoin’s medium-term momentum turns positive, the region where the MVRV approaches 1 could serve as a key decision-making zone for short-term holders. Investors may opt to continue accumulating positions, or capitulate and sell off in the event of a price pullback.