Ethereum's MVRV divergence highlights growing investor conviction, with staked ETH holding a 1.7 ratio versus 1.5 for circulating supply, indicating 20% higher unrealized gains for stakers. Nearly 30% of ETH supply is locked, signaling a shift from trading to accumulation as profits compress from August's 1.85 peak. This 10-20% gap suggests long-term positioning strength amid market cooling, with over 36 million ETH staked reinforcing Ethereum's structural foundation for future growth.