Ethereum is trading approximately 17% below its realized price of about $2,300, signaling potential undervaluation relative to Bitcoin, according to CryptoQuant's latest weekly report. The analytics company stated that Ether's market value-to-realized value ratio has retreated from extreme overvaluation, exchange inflows have declined, exchange-traded fund holdings have begun recovering, and ETH/BTC spot trading volumes have fallen into ranges historically associated with market bottoms. However, only two of CryptoQuant's five key bottoming indicators have reached historical reversal levels, while the remaining three metrics are improving but have not yet reached the extremes that marked previous cycle lows.
CryptoQuant Identifies Two of Five Bottoming Indicators Confirmed
CryptoQuant reported that Ether is trading roughly 17% below its realized price, defined as the average onchain acquisition cost of all ETH in circulation, of about $2,300. Historically, ETH trading below its realized price has coincided with periods of market undervaluation and long-term bottoms, according to the analytics company.
The report stated that Ether is showing signs of improving relative to Bitcoin. CryptoQuant said that ETH's market value-to-realized value (MVRV) ratio has retreated from extreme overvaluation, exchange inflows have declined, exchange-traded fund holdings have begun to recover after months of weakness, and ETH/BTC spot trading volumes have fallen into a range historically associated with market bottoms.
![CryptoQuant says two of five key ETH bottoming indicators have been confirmed]()
CryptoQuant says two of five key ETH bottoming indicators have been confirmed. Source: CryptoQuant
Even so, only two of CryptoQuant's five bottoming indicators have reached historical reversal levels. The remaining metrics are improving but have yet to reach the extremes that have marked previous cycle lows, suggesting Ethereum's bottom may still be forming, according to the report.
The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become significantly cheaper relative to Bitcoin, according to CryptoQuant.
![The ETH/BTC MVRV ratio movement]()
The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become significantly cheaper relative to Bitcoin. Source: CryptoQuant
Ethereum Price Climbs Above $1,950 This Week
Ether briefly climbed above $1,950 this week and Bitcoin topped $67,000, buoyed by optimism surrounding the US CLARITY Act, according to the report. Some market analysts have pointed to the potential for capital to rotate out of richly valued AI stocks and back into crypto, a shift that could further support Ether if risk appetite broadens.
Ethereum Exchange Outflows and Staking Participation Increase
Ethereum has shown several constructive onchain signals over the past month. During the week beginning June 29, withdrawal activity on Binance, the world's largest crypto exchange by trading volume, climbed to its highest level in more than three years.
Analysts generally interpret sustained exchange outflows as a sign that investors are moving assets into self-custody or staking rather than keeping them on exchanges for potential sale, although such flows do not guarantee accumulation.
A record 34% of Ethereum's circulating supply is now staked, according to Staking Rewards. Higher staking participation reduces the amount of ETH readily available for trading, potentially easing short-term selling pressure if demand remains resilient.
Tom Lee's Bitmine Immersion Technologies, the biggest corporate ETH holder, continues to accumulate Ether, boosting its holdings by 325,000 ETH over a one-month period, despite sitting on large unrealized losses. The company has set a target to hold 5% of the second-biggest crypto.
FAQ
What is Ethereum's realized price according to CryptoQuant?
CryptoQuant reported that Ethereum's realized price is about $2,300, representing the average onchain acquisition cost of all ETH in circulation. Ether is currently trading approximately 17% below this level.
How many of CryptoQuant's bottoming indicators have been confirmed for Ethereum?
CryptoQuant stated that only two of its five key bottoming indicators have reached historical reversal levels. The remaining three metrics are improving but have not yet reached the extremes that marked previous cycle lows.
What percentage of Ethereum's supply is currently staked?
According to Staking Rewards, a record 34% of Ethereum's circulating supply is now staked. Higher staking participation reduces the amount of ETH readily available for trading.
