CryptoQuant says Ether has grown cheaper against Bitcoin, trading roughly 17% below its realized price of about $2,300. Onchain metrics point to easing selling pressure and recovering demand, but only two of the firm’s five bottoming indicators have confirmed a turn. Exchange outflows and record staking are tightening the supply available for sale.
Ether looks increasingly cheap against Bitcoin, yet onchain data has not confirmed a definitive cycle bottom, according to CryptoQuant. In its latest weekly report, the analytics firm said ETH trades roughly 17% below its realized price — the average onchain acquisition cost of all circulating ETH — of about $2,300.
Historically, ETH trading below its realized price has coincided with periods of undervaluation and long-term bottoms. The report frames Ether as improving against Bitcoin on several fronts: CryptoQuant said its market value-to-realized value (MVRV) ratio has retreated from extreme overvaluation, exchange inflows have declined, ETF holdings have begun to recover after months of weakness, and ETH/BTC spot volumes have fallen into a range historically tied to market bottoms.
Two of five signals confirmed
Even so, only two of CryptoQuant’s five bottoming indicators have reached historical reversal levels. The remaining metrics are improving but have yet to hit the extremes that marked previous cycle lows, suggesting the bottom may still be forming.
The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, a sign Ether has grown significantly cheaper relative to Bitcoin. The backdrop helps: Ether briefly climbed above $1,950 this week while Bitcoin topped $67,000, buoyed by optimism around the US CLARITY Act. At the same time, some analysts have pointed to the potential for capital to rotate out of richly valued AI stocks and back into crypto, which could further support Ether if risk appetite broadens.
Exchange outflows and staking tighten supply
Onchain signals over the past month have leaned constructive. During the week beginning June 29, withdrawal activity on Binance, the largest crypto exchange by trading volume, climbed to its highest level in more than three years. Analysts generally read sustained outflows as investors moving assets into self-custody or staking rather than holding them on exchanges for sale, although such flows do not guarantee accumulation.
Meanwhile, a record 34% of Ethereum’s circulating supply is now staked, according to Staking Rewards. Higher staking participation reduces the ETH readily available for trading, potentially easing short-term selling pressure if demand stays resilient.
Tom Lee’s Bitmine Immersion Technologies, the biggest corporate ETH holder, has kept accumulating, boosting its holdings by 325,000 ETH over a one-month period despite large unrealized losses. It has set a target to hold 5% of the second-biggest crypto.
Source: Cointelegraph
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