Since November 13, ETH Has Been Trading Below Its Real Value

I’ve just created a comparison on Santiment (Santiment AG) between Ethereum’s Market Cap and Realized Cap, and the results are particularly revealing.

Since November 13, ETH’s Realized Cap has moved above its Market Cap. This indicates that the aggregated cost at which investors purchased their tokens — the market’s real economic value — is now higher than the current speculative valuation.

What does this signal?

• A significant portion of the market is now holding at a loss.
• ETH is trading below its real value, placing it in a clear zone of undervaluation.
• Historically, this type of configuration appears during phases of capitulation, disinterest, and sentiment exhaustion.
• At the same time, these zones often correspond with renewed smart money accumulation.

At the time of writing (November 17), ETH’s Market Cap is approximately $379B, while its Realized Cap is approximately $391B.

This places the Market Cap at roughly 97% of the Realized Cap, confirming that ETH is trading below its real economic value.

In a market where narrative frequently runs ahead of analysis, divergences between speculative value and real value often precede structural trend reversals.

#Ethereum #ETH #OnChain #Santiment #CryptoAnalysis

Carmelo Alemán, On Chain Analist

#Ethereum #ETH #OnChain #Santiment #CryptoAnalysis