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ETH Valuation indicators show Ethereum is more attractive to Bitcoin. CryptoQuant Analytics
Blockchain analysis firm CryptoQuant points out that interest in Ethereum is growing again among market observers because valuation indicators show that Ethereum seems to be increasingly attractive compared to Bitcoin.
ETH is below realized price, key indicators suggest it may be undervalued.
CryptoQuant reports that Ethereum (ETH) is currently trading at approximately US$2300, approximately 17% lower than its realized price. The realized price reflects the average on-chain acquisition cost of all ETH in circulation. Historically, when ETH traded below this level, it usually corresponded to an undervalued market and a long-term cycle bottom.
The analyst firm pointed out that key valuation indicators have changed: ETH's market value-to-realized value ratio (MVRV) has retreated from overvalued extremes; exchange inflows have fallen; exchange-traded fund positions have begun to recover after months of downturn; and spot trading volume of ETH/BTC trading pairs has entered a range previously associated with the market bottom. These dynamics suggest that markets may be transitioning into deeper value areas.
CryptoQuant reports that ETH's MVRV ratio has retreated from extreme highs, while trading volume on the ETH/BTC trading pair has fallen into the historically long-term market bottom range. Despite improved fundamentals, only two of the five ETH bottoms tracked by CryptoQuant confirmed historical reversal levels. Although the remaining three indicators show positive trends, they have not yet reached the bottom of the previous cycle. As a result, the company believes that a price floor for Ethereum may not have been established.
In the past week, ETH briefly exceeded $1950, while Bitcoin soared to $67000 due to market optimism about the US CLARITY Act. Market analysts have also speculated that funds may be rotated back to crypto assets from highly valued artificial intelligence stocks, and Ethereum may benefit if risk appetite increases in the coming weeks.
The ETH/BTC MVRV ratio, which measures the relative value of Ethereum and Bitcoin, has dropped from a high of nearly 0.95 in August 2025 to approximately 0.65. This change suggests that Ethereum has become quite cheap relative to Bitcoin in recent months.
Mini Dictionary: MVRV ratio-ratio of market value to realized value
The MVRV ratio is a key blockchain indicator that compares the total market value of a cryptocurrency to the value of the token at the time it last moved along the chain, helping to identify periods of overvaluation or undervaluation relative to historical trends.
Supply of Ethereum is tightening: Exchange outflows and pledges rise
On-chain data over the past month shows multiple positive signals from Ethereum, indicating that investor confidence has increased. In the week starting June 29, withdrawals at Binance, the world's largest cryptocurrency exchange by trading volume, reached their highest level in more than three years.
Market analysts interpret continued outflows from exchanges as investors moving assets to self-custody or pledged solutions rather than being ready to sell at any time. However, such trends do not guarantee accumulation behavior, but do reduce the available supply on exchanges.
Crypto analysis platform Staking Rewards pointed out that a record 34% of Ethereum's circulation supply is currently locked in collateral. Industry experts point out that higher pledge participation means less ETH available for open market trading, which could limit short-term selling pressure if overall demand for assets remains strong.
Bitmine Immersion Technologies, the largest corporate holder of ETH, led by Tom Lee, continues to expand its Ethereum holdings despite facing significant unrealized losses. In the past month, Bitmine has added 325,000 ETH units and set a goal of ultimately holding 5% of the world's second-largest cryptocurrency supply in circulation.
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 industry.
