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Bitcoin’s short-term holder MVRV, an on-chain indicator comparing market value with realized value, has reached its highest level since November 2025, according to on-chain analyst Darkfost. Darkfost said the indicator’s uptrend accelerated after BTC moved above short-term holders’ average cost basis of about $73,100 in August and September. The metric now stands at 1.15, indicating short-term holders are sitting on average unrealized gains of about 15%. Darkfost added that short-term holders’ market capitalization is also above realized capitalization, and said the expanding profit zone warrants close monitoring as it could trigger profit-taking.