During the 2021–2022 NFT boom, Ethereum's MVRV Z-Score spiked to approximately 6 — the highest reading ever recorded. This signaled a market in extreme euphoria, with holders sitting on massive unrealized profits. Shortly after, Ethereum entered a prolonged bear market.
serves as one of the most reliable on-chain indicators for identifying macro market tops and bottoms. By removing the short-term noise of speculative hype, it provides a mathematical baseline to assess whether Ether (ETH) is fundamentally overvalued or undervalued. Ethereum Mvrv Z-score
Z-Score dropped below (undervalued) when ETH was ~$1,000–1,200. That zone marked the bottom of the bear market. During the 2021–2022 NFT boom, Ethereum's MVRV Z-Score