Investor Behavior on Ethereum is Changing: Strong Signals

Recent movements in the price of Ethereum (ETH) are providing significant signals as investor interest begins to rise. Notably, the divergence in the behavior of Ethereum investors suggests that this bull cycle could gain early strength. CryptoQuant analysts indicate that the long-standing staking processes have created an interesting MVRV (Market Value to Realized Value) gap among investors.

Since July, the MVRV gap between staked investors and circulating Ethereum holders has been widening. Before July 20, 2025, the MVRV ratio for both groups was 1.5. However, as prices have increased, this balance has been disrupted. As of October 28, the MVRV value of staked Ethereum has risen to 1.7, while the circulating Ethereum ratio has remained stable at 1.5. This indicates that staked investors have an average of 20% more unrealized profits.

The CryptoQuant analyst emphasizes that stakers are creating a base by exhibiting longer-term movements, which reduces selling pressure. Currently, approximately 36.1 million Ethereum is locked in the staking process. This situation not only enhances the security of the network but also provides price stability by constraining supply. In contrast, 121.1 million Ethereum remains in circulation, open to profit-taking sales.

According to the CryptoQuant analyst, the MVRV gap between staked and circulating Ethereum generally hovers around the %10–20 range. The continuation of this gap is seen as a signal of a healthy balance in the Ethereum market and potential early strength. This divergence stands out as a significant indicator of both investor behavior and the strengthening of the current cycle.