Cryptocurrency analytics firm Santiment has released its latest assessment of market valuation for large-cap digital assets, identifying several major cryptocurrencies as being undervalued based on their 30-day Market Value to Realized Value (MVRV) metric. The MVRV ratio compares an asset's market capitalization to its realized capitalization, which is the aggregate value of all coins at the price they were last moved. This metric is used to gauge whether the average investor is in profit or loss, with negative values indicating potential undervaluation.
Ethereum (ETH) stands out as the most undervalued asset in the analysis, with a 30-day MVRV of -14.3%, placing it in what Santiment describes as an "extremely undervalued" category. The analytics firm suggests that historically, such significant negative MVRV levels can signal long-term buying opportunities, as they indicate the average investor has recently suffered notable losses. ETH's current price struggles around $2,000, which is approximately 60% below its peak of just under $5,000 recorded last year.
Bitcoin (BTC) follows as "slightly undervalued" with an MVRV of -6.9%. The leading cryptocurrency, which reached a new all-time high above $126,000 in early October 2025, now trades near $68,000, representing a 46% decline from its peak.
Chainlink (LINK) ranks third with an MVRV of -5.1%. LINK's price of $8.88 at the time of the report places it a substantial 83% below its 2021 all-time high of $52.70, and it was among the few major assets that did not set new peaks in 2025.
Completing Santiment's top five are XRP and Cardano (ADA), with MVRV scores of -4.1% and -2.0%, respectively. XRP, which surged to a fresh high of $3.65 in July 2025, now trades around $1.45. ADA is noted as potentially the poorest performer of the group, with a current price of $0.28 representing a 91% discount from its 2021 all-time high above $3.00.
Santiment's analysis posits that periods when the average wallet experiences significant losses and the MVRV ratio falls well below zero have historically presented healthier accumulation opportunities for investors, rather than buying based solely on price drops.
