Ethereum’s Dismal Dalliance: A Short-Term Holder’s Tale of Woe

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Pray, allow me to draw your esteemed attention to the current plight of Ethereum, whose price, in a most lamentable fashion, appears to be descending into a state of bearish disarray, as its short-term holders simultaneously engage in an act of selling that could rival even the most hasty of departures from a dull social gathering.

A Most Negative Supply Flow for Our Short-Term Holders

As Ethereum languidly loses its upward momentum, one cannot help but notice the on-chain data-those enigmatic signals of the digital realm-flashing with a caution that would cause even the most audacious speculator to pause in bewilderment. It seems our short-term ETH holders have taken to exhibiting behavior that could only be described as woefully bearish.

Our dear analyst, known in polite circles as On-Chain Mind, has confirmed that Ethereum is now treading perilously close to the negative territory in the realm of short-term holder supply flow. Such dire trends suggest that those who recently procured their ETH are now choosing to relinquish their holdings, thus contributing to the broader market’s supply with all the enthusiasm of a guest leaving a party far too early.

The analysis, employing the Ethereum Short-Term Holder Net Change metric-rather a mouthful, I daresay-observes speculative positioning over a mere thirty days. When these short-term holders begin to disperse their assets with such frequency, it often signifies a decline in confidence and an unfortunate sensitivity to volatility, akin to the reluctance of one entering a ballroom filled with unsightly company.

While our short-term holders exhibit a peculiar blend of fear and uncertainty by hastily divesting their ETH, the large holders, or ‘whales’ as they are charmingly dubbed, continue to find reasons to cling to their altcoin with the fervor of a new suitor at a dance. CW, a voice on the X platform, has declared that Ethereum has dipped below the realized price of accumulation wallet addresses, a predicament that would surely cause any sensible investor to fret.

Yet, despite this unfortunate drop, our whales remain undeterred, persisting in their buying spree with a vigor that would impress even the most committed of collectors. The astute observer noted that the full-scale accumulation of this altcoin commenced back in June 2025, and now, despite the current price falling below their initial purchasing threshold, these investors seem to find the latest price most alluring.

A Golden Opportunity to Buy ETH

In the midst of this bearish tempest, one Michael Van De Poppe has expressed a rather surprising bullish focus on Ethereum. After conducting an analysis of the Market Value to Realized Value Ratio (MVRV)-an acronym that rolls off the tongue with such grace, does it not?-the market expert, founder and CIO of MN Fund, boldly proclaims that “it is a tremendous opportunity to be looking at ETH now.”

Van De Poppe elucidates that the primary reason for this optimistic outlook is the vast chasm between fair price and market price. According to the MVRV ratio, ETH’s current valuation is as underpriced as it was during some rather tumultuous times-such as the April 2025 crash and the infamous bear markets that followed. Indeed, in each of these instances, a splendid opportunity to acquire the leading altcoin presented itself, and lo and behold, this very signal has returned once more in the present market cycle.

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2026-02-12 00:27