**[Analyst: Losses for Bitcoin Short-Term Holders Intensify, MVRV Indicator Shows Bear Market Pressure Persists]** According to a report by Jinse Finance, on March 30, CryptoQuant analyst Darkfost stated that the current Bitcoin price is fluctuating within the $65,000–$70,000 range, significantly below the average cost basis of short-term holders — estimated at $85,900. Over the past six months, nearly all investors who entered the Bitcoin market are now in a state of loss. This is clearly reflected in the MVRV (Market Value to Realized Value) ratio, which has now dropped to bear market valuation levels. The MVRV indicator compares market value to on-chain realized cost to determine whether the market is undervalued or overvalued. Currently, the short-term holders' MVRV is approximately 0.77, significantly below the neutral and reasonable level. At the end of February this year, the indicator even briefly fell to 0.7, indicating that short-term holders were experiencing an average unrealized loss of nearly 30%. When the short-term holders' MVRV remains deeply negative for an extended period, it is generally not an optimistic signal. This suggests that the short-term holding group is under significant pressure, which can easily lead to increased market volatility and a more fragile, unstable market. However, from a historical perspective, such phases are often suitable for gradually building long-term positions. When the market is in this bottoming-out cycle, it often presents patient investors with high-quality opportunities for strategic positioning.