Analyst: Short-term Bitcoin holders are experiencing increased losses, and the MVRV indicator shows that bearish market pressure remains.

Golden Finance reports that on March 30, Cryptoquant analyst Darkfost said in a post that the current Bitcoin price is trading in a range of $65,000–$70,000, far below the average cost basis of short-term holders’ positions—this cost basis benchmark is estimated at $85,900.
Over the past six months, almost all investors who have entered Bitcoin are currently in a loss position. This is clearly reflected in the MVRV (market cap / realized value ratio) indicator: the current value has already fallen to bearish valuation levels. This metric is used to judge whether the market is in an undervalued or overvalued range by comparing market cap with on-chain realized costs.
At present, the MVRV for short-term holders is about 0.77, significantly below the neutral and reasonable level. At the end of February this year, the indicator even briefly dropped to 0.7, meaning the average unrealized loss for short-term holders is close to 30%. When the short-term holders’ MVRV remains trapped for the long term in the low-value negative range, it is usually not an optimistic signal. This indicates that the short-term position holder cohort is under severe pressure, which can easily cause market volatility to intensify and the trading screen to be more fragile and unstable. However, based on historical patterns, these stages often are suitable for gradually building long-term positions in batches. When the market is in this bottoming-out cycle, it often provides high-quality entry opportunities for patient investors.