The Bitcoin short-term holder (STH) MVRV ratio has climbed to 1.15, its highest level since November 2025, as prices broke above the STH cost basis of approximately $73,100. Market momentum strengthened significantly between August and September to drive this on-chain metric upward. Short-term holders now sit in an average 15% profit position with market value exceeding realized value. This elevated ratio warrants close monitoring as it historically signals potential profit-taking activity from newer market participants.