ETH trades 17% below its own cost basis & only 2 of 5 bottom lights are blinking 🟢

Ether is roughly 17% below its realized price of about $2,300, the average onchain acquisition cost of all $ETH in circulation, according to CryptoQuant's latest weekly report, a level historically associated with periods of undervaluation and long-term bottoms. The analytics firm noted that Ether is also becoming more attractive relative to Bitcoin, with the ETH/BTC market value-to-realized value (MVRV) ratio falling from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become significantly cheaper against $BTC.

Despite the improving valuation backdrop, only two of CryptoQuant's five bottoming indicators have reached historical reversal levels. The remaining metrics, including exchange inflows, ETF holdings and ETH/BTC spot trading volumes, are improving but have yet to hit the extremes that have marked previous cycle lows, leaving the question of whether a definitive bottom has formed unresolved. Ether briefly climbed above $1,950 this week and Bitcoin topped $67,000, supported by optimism around the US CLARITY Act and commentary from some market analysts that capital could rotate out of richly valued AI stocks and back into crypto.

Supply-side data points to tightening conditions. Withdrawal activity on Binance during the week beginning June 29 climbed to its highest level in more than three years, a pattern analysts generally interpret as investors moving assets into self-custody or staking rather than keeping them available for sale, though such flows do not guarantee accumulation. A record 34% of Ethereum's circulating supply is now staked, according to Staking Rewards, reducing the amount of $ETH readily available for trading and potentially easing short-term selling pressure if demand holds.

Corporate accumulation continues alongside these onchain shifts. Tom Lee's Bitmine Immersion Technologies, the largest corporate ETH holder, added 325,000 ETH over a one-month period even while sitting on large unrealized losses, and has set a target tied to capturing 5% of the Ethereum network. Grayscale has separately said it plans regular cash payouts from its $ETH and SOL staking rewards products, as previously reported by Cointelegraph.