The on-chain fundamentals for ETH are screaming accumulation. Net Realized Profit/Loss saw significant profit-taking around the $3,800 resistance, but the MVRV Z-score, currently 0.85, remains firmly in the historical accumulation zone, signaling undervaluation relative to realized price. We've tracked 7 consecutive days of net ETH outflows from exchanges, totaling 500k ETH, sharply reducing sell-side liquidity. Concurrently, whale wallets (>10k ETH) have aggressively added 3% to their aggregate holdings in 48 hours, indicating smart money positioning. Despite a slight negative funding rate in perpetuals, Open Interest stands robust at $12B, implying significant latent leverage demand. The options market's Put/Call ratio at 0.7 leans bullish. This confluence of reduced supply on exchanges, whale accumulation, and a low MVRV suggests strong underlying demand absorption. 90% YES — invalid if BTC dominance exceeds 60% before resolution.
