Short-term holders' MVRV hasn't reached the critical value, Bitcoin still has 20% pump potential.

On July 17, an analyst released a market view stating that the MVRV of Bitcoin short-term holders indicates there is still room for a pump. In this cycle, the unrealized profits of short-term holders (STH) have never exceeded the threshold of 42%, as evidenced by their MVRV metric. Each time the STH MVRV reaches about 1.35 (corresponding to +35% unrealized profit), it triggers profit-taking behavior, which is usually followed by a short-term pullback. We are still far from this level, with the current STH MVRV at about 1.15.

The main reason is that the realized price of short-term holders first broke through $100,000 on July 11, setting a new historical high. This price has now even exceeded $102,000. Therefore, before reaching the key MVRV threshold again, BTC still has about 20% to 25% upside potential. In other words, there may still be a bullish window before the next round of widespread profit-taking begins.

MVRV (Market Value to Realized Value) is an indicator used to assess the market conditions of cryptocurrencies (such as Bitcoin). It measures the unrealized profits or losses of investors by comparing Market Value with Realized Value, and is often used to determine whether the market is overheated or undervalued; in this case, the value specifically refers to short-term holders.