As reported by ChainCatcher on November 13, 2026, at 15:57 (UTC+8), CryptoQuant analyst Axel Adler Jr. said Bitcoin had traded below the short-term holder (STH) realized price of $75,429 for five consecutive days. He said Bitcoin had fallen to approximately $68,000 overnight, putting its price-to-cost ratio at 0.9—equivalent to roughly 10% in unrealized losses for short-term holders.
The realized price is a cost-basis reference, not a price floor. Adler also reported that the MVRV Z-Score had declined by 0.13 points that week to 0.54. In his analysis, that suggested the market’s unrealized-profit cushion was shrinking, though the score remained positive.
Adler described Bitcoin as still undergoing a correction. He said a sustained move back above the STH realized price would strengthen expectations that support was forming, while an MVRV Z-Score below zero could indicate deeper pressure. These are conditional readings of the metrics, not forecasts of where Bitcoin must trade next.