The bull market cycle of 15-17 years, with short-term holders staying above the water for about 30 months The 19-21 bull market cycle saw short-term holders remain above the water for approximately 33 months In the current bull market cycle, short-term holders have been on the water for about 26 months STH-MVRV (Short Term Holder Market Value to Realized Value) is an important on chain indicator in the cryptocurrency market, mainly used to analyze the profit or loss status of BTC short-term holders, as well as market sentiment and potential buying and selling pressure. When the indicator is greater than 1, short-term holders on the chain are generally in a floating profit state. This article is sponsored by Bitget | @ Bitgetzh