Bitcoin Short-Term Holder Realized Price measures the cost basis of recent-holder supply in USD. The soft 155-day model weights coins through a gradual STH/LTH transition, so coins near the maturity boundary do not create hard cutoff jumps.
Rising STH Realized Price means recent-holder cost basis is moving higher as coins transfer at higher prices. Falling STH Realized Price means recent supply is being repriced lower. Its position versus BTC Price defines whether aggregate STH supply is above or below break-even.
The series is based on coin age and last on-chain movement, not known holder identity. Exchange reshuffling, custody movements, batching, and change outputs can reset coin age and realized price without proving a new economic buyer.
Sync mode is useful here because both STH Realized Price and BTC Price are USD price references. Aligning the axes keeps the recent-holder break-even line visually comparable against spot price across different zoom ranges.
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