
Short-Term Holder Realized Price is the average acquisition price of coins that last moved on-chain within the past 155 days, valued at the price of that move. It approximates the cost line of capital that entered over recent months.
When BTC trades above this line, recent buyers are in profit on average and bull market pullbacks have often found support nearby. When BTC falls and stays below it, recent buyers are underwater and rallies back to the line have often met breakeven selling, which is why it is widely watched as a mid-term bull-bear divide.
The line moves quickly as coins change hands and can shift sharply within weeks after a crash or a rally. Exchange wallet transfers can also make old coins count as recent. Support and resistance here are historical tendencies; a break below does not by itself confirm a trend change.
The overall Realized Price covers every coin, including long-dormant and lost ones, and moves slowly. The short-term version only counts coins moved in the last 155 days, so it tracks the market much more closely.
It is the average breakeven price for recent buyers. Holders in profit tend to defend it on pullbacks, while holders in loss often sell when price climbs back to it, concentrating supply and demand there.
Dividing BTC price by the STH Realized Price gives Short-Term Holder MVRV. When that ratio equals 1, price sits exactly on this cost line.