According to online reports, CryptoQuant analysts posted that the MVRV ratio for short-term holders (STH) is currently only 1.15, far below the 1.35 threshold that usually triggers large-scale profit-taking. On July 11, the realized price of STH exceeded the US$100,000 mark for the first time, and currently exceeds US$102,000. Analysis shows that Bitcoin prices still have about 20%-25% upside potential before reaching the key MVRV threshold, providing investors with a bullish window. The MVRV indicator measures the level of unrealized profits by comparing market value to realized price.