Z-score: Ethereum Mvrv

With the rise of Lido (stETH) and Rocket Pool, a massive portion of ETH is liquid staking derivatives (LSDs). These tokens represent staked ETH but trade on DEXs. The MVRV Z-Score may underestimate true value because staked ETH is "realized" at an old price but is actually working capital.

Using a 90-day window makes the Z-Score very sensitive to recent moves—great for trading, poor for macro bottoms. Using a 2-year window smooths noise but reacts slowly to new regimes. You must choose the right tool for your timeframe. Ethereum Mvrv Z-score

The MVRV Ratio is simply Market Value divided by Realized Value: With the rise of Lido (stETH) and Rocket