Glassnode’s Short-Term Holder MVRV, which tracks how much recent buyers are up or down on average, printed 0.81 at its low before recovering slightly to 0.83.  The $78,000 to $82,000 accumulation cluster built during May is now broadly in loss. Meanwhile, only 3.3% of short-term holder supply is currently in profit against a four-year average of 55%, meaning more than 95% of recent buyers are underwater.