Ethereum Approaches Bottom Against Bitcoin, But Key Signals Still Unconfirmed

Ether is looking increasingly undervalued relative to Bitcoin, though onchain data suggests the market has not yet reached a definitive cycle bottom, according to a new report from CryptoQuant.

Ether Trading Below Realized Price

Ether is trading roughly 17% below its realized price of about $2,300, a level historically associated with market undervaluation and long-term bottoms.

The firm noted improving signals including a retreating market value to realized value ratio, declining exchange inflows, recovering ETF holdings, and ETH/BTC trading volumes falling into ranges seen at past cycle lows. Still, only two of CryptoQuant’s five bottoming indicators have reached historical reversal levels.

Price Action and Broader Market Context

Ether briefly rose above $1,950 this week while Bitcoin topped $67,000, supported by optimism around the CLARITY Act. Some analysts also point to potential capital rotation out of richly valued AI stocks and back into crypto as a factor that could further support Ether.

Supply Tightens as Staking Hits Record High

Binance saw its highest weekly ETH withdrawal activity in over three years during the week of June 29, a sign investors may be moving assets into self-custody or staking. Staking Rewards data shows a record 34% of Ethereum’s supply is now staked. Bitmine Immersion Technologies, the largest corporate ETH holder, added 325,000 ETH over the past month despite unrealized losses, aiming to hold 5% of total ETH supply.