According to the firm, the rally drove Ethereum’s Market Value to Realized Value (MVRV) ratio to 2.15.
The MVRV metric compares the market capitalization to the aggregated acquisition cost of all coins in circulation. At present levels, investors are sitting on more than twice their initial outlays in unrealized gains.
Glassnode noted that similar conditions were observed in late 2020 and again in early 2024, each time preceding bouts of heightened volatility and increased selling pressure.
