The current short-term holder realized price is $74,602 and the long-term holder realized price is $49,263 (October 18, 2026 snapshot, block 971,930); with bitcoin at $82,116, STH MVRV is 1.10 and LTH MVRV 1.67.
Realized price is the average price at which every bitcoin in existence last moved. Here it is split into two groups: coins that moved in the last 155 days (short-term holders, STH) and coins that have sat still for longer (long-term holders, LTH). When price is below a group's line, that group as a whole is underwater.
“Bitcoin realized price by cohort: $74,602 for short-term holders and $49,263 for long-term holders (UTXO set snapshot of 18 Oct 2026, block 971,930).” NodeWitness, https://nodewitness.com/en/charts/bitcoin-sth-lth-realized-price-chart/
STH realized price is the average cost of whoever bought, or moved their coins, in the last five months: the group that reacts most to price. LTH realized price is the average cost of holders who haven't moved in over five months. The 155-day cut was proposed by Glassnode from the probability of a coin being spent given its age [1]. An MVRV below 1 means price is below that group's cost basis.
In our series, STH MVRV bottomed at 0.58 on 12 Mar 2020 and peaked at 1.72 on 21 Feb 2021. LTH MVRV sat below 1 for 41 weeks between 25 Nov 2018 and 8 Jan 2023, with a low of 0.73 on 15 Dec 2018. On 20 Nov 2022, with price at $16,260, STH realized price was $19,093 and LTH $20,661: both groups were underwater at once.
Every week we take a full snapshot of our node's UTXO set and group bitcoins by the block they were created in. Each group of coins is valued at that block's daily close, from our Blockchain.com daily series [3]. Coins older than 155 days (counted at 144 blocks a day) go to LTH and the rest to STH; each group's realized price is the sum of those values divided by the group's bitcoins. The cut and the age are the same as on our long-term holders in loss chart.
Realized price is exact once a week, on each snapshot day, and the chart holds it until the next one. Daily MVRV divides each day's close by the latest weekly realized price, so between snapshots it's an approximation. If more than 10 days pass between two snapshots, that stretch is left blank.
We classify each coin by its own age, with a hard cut at 155 days. Glassnode groups addresses into entities and uses a smooth transition around 155 days [2], so their figures won't match ours exactly. A transfer between wallets of the same owner resets those coins' age and cost. Bitcoins mined before a market price existed (before 18 Aug 2010) count at zero cost, as in the overall realized price. A few weeks of the series are missing and shown as blank stretches. The share of long-term holders underwater, with the same cut, is on the long-term holders in loss chart.
Realized price for all coins together, with MVRV and NUPL, is on the realized price chart.
How supply splits across holders and age, on the supply and holders page.