Bitcoin Short-Term Holder Cost Basis Climbs to $76K, Testing Conviction

The rising short-term holder cost basis shows recent buyers are now anchored at higher levels, which matters because this cohort's conviction tends to be tested first when momentum stalls. The retreat in short-term holder MVRV toward neutral suggests the froth from late September has cooled without a full reset, leaving these holders near a threshold where profit-taking and loss-cutting behavior diverge. Whether MVRV stabilizes around 1 or breaks lower is the open question, since that would signal whether the mid-term trend has genuine buyer support behind it.