In a report published on November 13, 2026, at 15:56 (UTC+8), PANews cited CryptoQuant analyst Axel Adler Jr. as saying Bitcoin had traded below the short-term holder (STH) realized price of $75,429 for a fifth consecutive day. Bitcoin fell to approximately $68,000 overnight. The reported price-to-cost ratio was 0.90, implying an unrealized loss of about 10% for short-term holders.
Adler also reported that the MVRV Z-Score had fallen 0.13 points during the week to 0.54. In his analysis, that indicated a shrinking—but still positive—buffer of unrealized market profits.
These measures describe holders’ cost basis and unrealized gains or losses; neither establishes Bitcoin’s fair value on its own. Adler characterized the market as still in a correction. He said a sustained move back above the STH realized price would strengthen the case for support forming, while an MVRV Z-Score below zero could signal deeper pressure.