Despite the fact that most short-term holder coins are underwater, the STH cohort continues to grow.
TL;DR
MVRV stabilization above 0.92 and continued STH accumulation show that new players are actively entering the market despite the leading cryptocurrency's drawdown
#Bitcoin #OnChain #STH #Accumulation
Short-Term Holders Supply
Since August, STH supply has grown by 1M BTC to the current 5.44M (+24.7%)—new investors continue to accumulate despite coins being underwater. Current Supply growth is occurring in the loss zone, but the accumulation pace is not slowing. STH Realized Price sits slightly above the current price of $106K and indicates a moderate drawdown depth of -5%.
STH MVRV 155 Days Range
On November 7, MVRV reached a local minimum of 0.9124 at the lower boundary of the range, after which it showed signs of stabilization to 0.9514. The metric touched the critical zone of 0.90-0.92, which marks potential reversal points in a bull market. Both charts demonstrate an accumulation pattern in the correction zone. Supply growth at MVRV in the 0.90-0.95 zone characterizes a phase when new investors are buying coins from old sellers.
FAQ
What does the current STH Supply picture indicate?
Supply growth of +1M BTC to 5.44M indicates a phase of active coin accumulation by new investors.
How to interpret STH MVRV signals in today's context?
The bounce from the local minimum of 0.9124 (+4.3%) confirms the formation of a technical bottom in the statistical extreme zone, which is typical during drawdowns in bull cycles.
CONCLUSIONS
Despite the price drawdown, new players are actively entering the market.