Market Metrics Show Wallets Deep Underwater as Crypto Slips Into Undervalued Territory

A small recovery early this week did little to shift the broader landscape for crypto holders, according to new metrics from Santiment.

The firm’s latest MVRV data shows that most major cryptocurrencies remain firmly in the red over the past 30 days, with several networks sitting at some of their steepest short-term discounts of the year.

Cardano and Chainlink Stand Out as Most Oversold

Santiment’s return data places Cardano at the most negative extreme, with average wallets down roughly 19% over the past month. Chainlink follows with losses of around 13%, reflecting a strong undervaluation reading. Ethereum and Bitcoin each sit near a 6% decline, signaling mild short-term undervaluation, while XRP is down just under 5%, resting close to neutral territory. The figures make clear that even the market’s largest assets have yet to recover from November’s broader pullback.

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Visual Data Reinforces a Market Trading Below Fair Value

The chart accompanying Santiment’s analysis shows Cardano deeply entrenched in the platform’s “extreme undervaluation” band, visibly separated from other assets. Chainlink occupies the next-lower zone, while Ethereum and Bitcoin cluster together in mild undervaluation.

XRP sits nearest to the fair-value line. The arrangement of the assets highlights a consistent pattern: over the past month, most major cryptos have spent extended periods trading below their historical value ranges.

Broader Signal: Confidence Still Missing

Santiment uses MVRV trends to gauge when assets are overheated or historically discounted. Right now, the indicators lean strongly toward the “discounted” side of the spectrum, with Cardano and Chainlink leading the pack. Even after the brief early-week rally, the average wallet across most networks remains underwater. This suggests that confidence has not returned in full and that many traders may be waiting for stronger signs of stabilization before adding risk back into their portfolios.