Ether has drawn renewed interest among market observers as valuation metrics suggest it appears increasingly attractive compared with Bitcoin, according to the blockchain analytics firm CryptoQuant.
ETH lags realized price, key metrics signal possible undervaluation
CryptoQuant reported that Ether (ETH) is currently trading approximately 17% below its realized price, which stands at around $2,300. The realized price reflects the average onchain acquisition cost for all ETH in circulation. Periods when Ether trades below this price have historically aligned with undervalued markets and long-term cycle lows.
The analytics company noted that key valuation indicators have shifted: ETH’s market value-to-realized value (MVRV) ratio has retreated from overvalued extremes, exchange inflows have declined, holdings by exchange-traded funds (ETFs) are recovering after months of sluggishness, and spot trading volumes for the ETH/BTC pair have settled into a range previously associated with prior market bottoms. These dynamics suggest a market that may be transitioning toward deeper value territory.
ETH’s market value-to-realized value ratio has pulled back from extreme highs, and trading volumes for the ETH/BTC pair have fallen into ranges that have historically marked long-term market bottoms, according to CryptoQuant’s report.
Despite improving fundamentals, only two out of the five ETH bottoming indicators tracked by CryptoQuant have confirmed historical reversal levels. The remaining three indicators, while trending positively, have not yet reached values that have marked previous cycle lows. This leaves open the possibility that Ethereum’s price bottom has not yet been set, according to the firm.
Over the past week, Ether briefly traded above $1,950 while Bitcoin surged to $67,000, fueled in part by market optimism regarding the US CLARITY Act. Market analysts have also speculated that capital could rotate from high-priced artificial intelligence stocks back into crypto assets, potentially favoring Ether if risk-taking increases in coming weeks.
The ETH/BTC MVRV ratio, which measures the relative value between Ethereum and Bitcoin, has declined from a high of nearly 0.95 in August 2025 to about 0.65. This move indicates that Ether has become considerably cheaper compared to Bitcoin in recent months.
Mini dictionary: MVRV ratio — The Market Value to Realized Value ratio is a key blockchain metric that compares the total market capitalization of a cryptocurrency with the value at which coins last moved onchain. It helps identify periods of overvaluation or undervaluation relative to historical trends.
| Date | ETH/BTC MVRV Ratio |
|---|---|
| August 2025 | 0.95 |
| Current | 0.65 |
Ethereum supply tightens as exchange outflows and staking climb
Onchain data over the past month has revealed several positive signals for Ethereum, suggesting increasing investor confidence. During the week starting June 29, withdrawals from Binance, the largest global cryptocurrency exchange by trading volume, reached their highest point in over three years.
Market analysts interpret sustained outflows from exchanges as an indication that investors are transferring assets into self-custody or staking solutions rather than keeping them ready for sale. However, such trends do not guarantee accumulation but do reduce readily available supply on exchanges.
Staking Rewards, a crypto analytics platform, noted that a record 34% of Ethereum’s circulating supply is now locked in staking. Industry experts have pointed out that higher staking participation means less ETH is available for open market trading, which could limit short-term selling pressure if overall demand for the asset remains strong.
A record 34% of Ethereum’s circulating supply is being staked, limiting the amount available for trading and potentially easing near-term selling pressure if demand persists.
Bitmine Immersion Technologies, the top corporate ETH holder led by Tom Lee, has continued to expand its Ether holdings, despite facing significant unrealized losses. Over the past month, Bitmine increased its reserves by 325,000 ETH and has set a target to eventually hold 5% of the total circulating supply of the world’s second-largest cryptocurrency by market capitalization.
Mini dictionary: Bitmine Immersion Technologies — A company specializing in cryptocurrency mining and digital asset management, known for holding one of the largest corporate ETH portfolios in the sector.
| Holder | Recent Accumulation | Total Target |
|---|---|---|
| Bitmine Immersion Technologies | +325,000 ETH (Last Month) | 5% of ETH Supply |
