Bitcoin’s short-term holder MVRV (market value versus realized value) has risen to its highest level since November 2025, analyst Darkfost said in a PANews report dated Sept. 28. The increase followed Bitcoin’s break above the short-term holder cost basis of about $73,100, strengthening market momentum between August and September. At 1.15, the ratio indicates short-term holders are sitting on average gains of 15%, with the market value of their holdings exceeding their realized value. The level warrants close monitoring because it could encourage short-term holders to act, particularly by taking profits.