Naturally, this spike coincides with ETH’s short-term recovery and broader strength across large-cap assets like Bitcoin [BTC].
Source: CryptoQuant
Are Ethereum holders finally in profit?
Ethereum’s MVRV Z-Score rose above 0.42, showing holders are edging back into profit territory.
While the metric still sits well below overvaluation thresholds, its steady climb hints at improving sentiment and possible undervaluation relative to historical norms.
This trend could fuel additional spot demand as traders begin to see ETH as fundamentally underpriced.
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