Ethereum Nears Bottom vs. Bitcoin, Key Signals Unconfirmed

CryptoQuant’s weekly report shows Ether is trading about 17% below its realized price of roughly $2,300, and that only two of five historical bottoming indicators have reached reversal levels. Realized price is the average onchain acquisition cost of ETH in circulation; historically, trading below that level has coincided with market undervaluation.

The report notes Ethereum’s market value-to-realized value (MVRV) ratio has declined from extreme highs. The ETH/BTC MVRV fell from about 0.95 in August 2025 to roughly 0.65, indicating Ethereum is cheaper relative to Bitcoin on an onchain realized basis. Ether briefly traded above $1,950 this week while Bitcoin topped $67,000; CryptoQuant connects those moves to optimism around the US CLARITY Act and renewed investor interest.

Onchain activity showed reduced exchange inflows and higher withdrawal activity. During the week beginning June 29, withdrawals from Binance reached their highest level in more than three years. The report records that 34% of Ethereum’s circulating supply is now staked, according to Staking Rewards, which lowers the share of ETH immediately available for trading.

CryptoQuant also reports that ETF holdings for ETH have begun to recover after months of weakness and that ETH/BTC spot trading volumes have moved into ranges that, in previous cycles, coincided with lows.

Corporate accumulation continued. Bitmine Immersion Technologies added about 325,000 ETH in a single month and has set a target to hold 5% of Ethereum’s supply. The firm made those purchases despite carrying substantial unrealized losses.

The report notes that three of the five metrics used to mark past cycle bottoms have not yet reached the reversal thresholds CryptoQuant applies. The remaining indicators show improvement but remain below the historical extremes the firm uses to identify definitive bottoms.