STH MVRV Soft compares the market value of younger supply with its realized value, using smooth weighting around the 155-day region instead of a binary holder split. It is a cohort-level view of whether recent buyers, as a group, are above or below their aggregate on-chain cost basis.
A rise usually means newer holders are accumulating visible unrealized gains, while a decline toward or below 1.0 means recent demand is losing its cushion or moving under water. It is especially useful with LTH MVRV Soft, STH Realized Price, or SOPR when tracking local stress, resets, and renewed profit-taking pressure.
This series is structurally more reactive than aggregate MVRV because young supply reprices quickly. Sharp swings do not necessarily imply secular valuation extremes; they often reflect local positioning washouts inside a larger trend.
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