LTH MVRV Soft compares the market value of older supply with its realized value, using smooth age weighting around the 155-day region rather than a hard cohort cut. The series estimates the unrealized profitability of capital that has remained in the network long enough to behave like long-duration supply.
A rising ratio means older coins are carrying a wider mark-to-market cushion, while a decline means that cushion is compressing toward cost basis. It is most informative with STH MVRV Soft or LTH Realized Price, especially when older holders remain profitable while newer holders are already under pressure.
The soft construction matters near the cohort boundary. Readings will differ from hard-split LTH MVRV implementations because coins near 155 days fade in gradually instead of switching class in one step. That reduces threshold artifacts, but it also means third-party levels are not directly interchangeable.
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