Ethereum nears market bottom against Bitcoin, though key signals remain unconfirmed: CryptoQuant
Ether looks increasingly attractive versus Bitcoin, but onchain signals do not yet confirm a full cycle bottom. ETH trades about 17% below its realized price near $2,300, a level often associated with long-term undervaluation. Relative to BTC, ETH’s MVRV has fallen sharply, exchange inflows have declined, ETF holdings are recovering, and ETH/BTC trading activity sits in a range often seen near market lows. Even so, only two of five key bottoming indicators have reached historical reversal levels, suggesting the bottom may still be forming. Ethereum’s supply is also tightening: Binance withdrawals recently hit a three-year high, and a record 34% of ETH is now staked, reducing liquid supply available for trading. Large holders continue accumulating despite losses, reinforcing the constructive setup.
