STH Cost Basis
BTC price vs. short-term-holder cost basis + STH-MVRV — where the recent-buyer cohort sits relative to its own average entry.
STH Cost Basis
BTC price vs. short-term-holder cost basis (< 155 d) + STH-MVRV. Spot below the line = STH in aggregate loss.
Descriptive on-chain context — short-term-holder cost basis and STH-MVRV, not a buy/sell signal.
Methodology & how to read it
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What it shows
BTC price (log) against the short-term-holder cost basis — the average acquisition price of coins last moved on-chain fewer than 155 days ago. Below it, STH-MVRV = price ÷ cost basis.
How to read it
When price sits above the cost-basis line (STH-MVRV > 1) the recent-buyer cohort is in unrealised profit; below it (< 1) in aggregate loss — historically near stress/bottom zones. Very high readings (≳ 1.4) marked overheating. Parity at 1.0 (dashed) is the key threshold. Descriptive, not a signal.
Method
STH cost basis = realized cap of the STH cohort ÷ its supply (BRK series brk_sth_realized_price, since 2009). STH-MVRV is derived on read as price ÷ cost basis — no new series.
Data
BRK (Bitcoin Research Kit) on-chain, point-in-time captured (onchain_metric_vintages) → look-ahead-free for backtesting. Also on the API: /api/v1/onchain/series/brk_sth_realized_price/latest.
Recomposition, not a new indicator: short-term-holder cost basis is the BRK realized-price series for coins younger than 155 days (brk_sth_realized_price, point-in-time captured); STH-MVRV = price ÷ cost basis, derived on read. Both unchanged.