Ethereum nears market bottom against Bitcoin, though key signals remain unconfirmed: CryptoQuantEther trades below its realized price while onchain indicators point to easing selling pressure and recovering demand, though a definitive cycle bottom has yet to emerge.

According to CryptoQuant’s latest weekly report, Ether (ETH) is trading about 17% below its realized price of approximately $2,300, a level historically associated with market undervaluation and potential long-term bottoms. While this relative price drop makes Ether more attractive against Bitcoin (BTC), the report notes that only two of five key bottoming indicators have reached levels seen at previous cycle lows, meaning that the market has not yet confirmed a definitive cycle bottom for Ethereum.

Onchain data indicate improving conditions for ETH relative to BTC. The market value-to-realized value (MVRV) ratio for ETH has fallen from near 0.95 in August 2025 to about 0.65, suggesting Ethereum is significantly cheaper compared to Bitcoin. Additional signs of easing selling pressure and recovering demand include declining exchange inflows, a rebound in exchange-traded fund (ETF) holdings after months of weakness, and ETH/BTC spot trading volumes settling into a range historically associated with market bottoms. However, these metrics have yet to fully reach the extremes that marked past bottoms.

Ether’s supply dynamics further support this cautiously optimistic outlook. During the week of June 29, withdrawal volumes from Binance, the largest crypto exchange by trading volume, hit a three-year high, which analysts interpret as investors moving ETH into self-custody or staking. Currently, a record 34% of Ethereum’s circulating supply is staked, which may reduce liquid supply and ease short-term selling pressure if demand holds steady. Additionally, Bitmine Immersion Technologies, the largest corporate ETH holder, has increased its holdings by 325,000 ETH over one month, despite unrealized losses, aiming to control 5% of ETH supply.

The report’s context includes recent price movements, with Ether briefly surpassing $1,950 and Bitcoin topping $67,000, buoyed by optimism related to the US CLARITY Act. Some analysts suggest a potential rotation of capital from highly valued AI stocks back into crypto, which could further support Ether if risk appetite grows. Despite encouraging signals, CryptoQuant stresses that the Ethereum market bottom has likely not fully formed, highlighting the ongoing need for careful observation of key indicators.