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Recent on-chain data indicates that the Realized Value (RVT) for short-term Bitcoin holders has significantly decreased. Here’s a look at what history might indicate for BTC moving forward.
Short-Term Bitcoin Holder Realized Value RVT Approaches Cycle Lows
In a latest post on X, the blockchain analytics firm Glassnode revealed the current trend in the Realized Value RVT for Bitcoin’s short-term holders. This RVT metric acts as an oscillator, reflecting the ratio of profits and losses realized by BTC investors relative to the overall transfer volume on the network.
In essence, this metric provides insight into the extent to which holders are taking profits or losses in relation to the value being transacted on the blockchain.
For our discussion, the pertinent version of this indicator focuses on short-term holders (STHs), specifically those who bought Bitcoin within the past 155 days.
Here’s a chart illustrating the trend in the Bitcoin Realized Value RVT for STHs over recent years:
The graph above indicates that the Bitcoin STH Realized Value RVT has recently dropped, highlighting that investors are realizing lower profits or losses in comparison to the transfer volume.
This decline has been so pronounced that it has brought the value close to cyclical lows. Such movement suggests that the BTC network is seeing most coins being traded around their break-even points.
“Historically, these resets often coincide with market detox phases, which can set the stage for more robust recoveries,” states the analytics firm. From the chart, it’s evident that similar STH Realized Value RVT levels were observed during the mid-2024 and early-2025 lows.
In 2023, however, the indicator had to plummet even further before Bitcoin was able to stabilize. It remains to be determined if the current low levels of STH Realized Value RVT indicate that the cryptocurrency has reached its lowest point or if further drops are forthcoming.
An additional positive sign for BTC could be the reversal in its market cap dominance, as highlighted by Glassnode in another X post.
The chart indicates that Bitcoin dominance fell to 57% previously but has recently rebounded to 59%. “This mean reversion suggests a healthier market structure, as BTC-led rallies have historically shown to be more sustainable than those led by altcoins,” notes the analytics firm.
Current BTC Price
At the time of writing, Bitcoin is trading at approximately $117,000, witnessing a 3% increase over the past week.
