Ethereum staking has climbed to a record high, pulling more ETH out of liquid circulation. The source points to muted Binance deposit activity, a non-overheated MVRV reading, and a rising Realized Cap as signs of limited selling pressure.
Santiment’s 30-day MVRV analysis shows many large-cap crypto assets in mildly to strongly undervalued territory. Bitcoin stands at -6.9% and Ethereum at -14.3%, while the firm says buying or dollar-cost averaging during broad market pain has historically been effective.
Bitcoin slipped below $63,000 as broader risk sentiment weakened and liquidations topped $1.6 billion. Traders are now watching $60,000, $55,000 and $50,000 while technical signals remain bearish.
Santiment data shows 30-day MVRV turning negative across Bitcoin, Ethereum, ADA, XRP, and LINK, with Cardano near -18%. Traders are now watching whether the on-chain metric starts moving back toward break-even.
XRP is showing multiple short-term bearish signals, with $1.09 and $1.10 emerging as key support levels. If they fail, traders may look toward $0.99, $0.96, and $0.94.
Bitcoin’s realized price tracks the average on-chain cost basis of circulating coins, not the live spot price. When spot trades below it, the market is underwater in aggregate, a condition that has often appeared near cycle lows.
Ethereum’s MVRV ratio has slipped below 0.8, a level analyst Ali says matched local bottoms in 2018, 2020, and 2022. ETH is trading near $1,802 after a 1.18% daily gain, with traders watching $1,831 resistance and the 50-day moving average.
Bitcoin slipped below $60,000 after stronger US jobs data hit rate-cut expectations. Derivatives positioning, liquidation pressure, and on-chain indicators now point to a fragile market structure.
