Sign in / Sign up

ETH daily report · 2026-11-09

Report date (Beijing):

Day-only BEAR signal while five-day regime remains TRANSITION; score -0.30 and tactical reduction review stays active.

Observation time: about 10:51 Beijing time (02:51 UTC) on 2026-11-09. Regime and structural coverage come before valuation; valuation and execution triggers remain separate.

1. Data health and fallbacks

Data groupdata_source_used / timeis_fallbackStatus
ETHUSDT/BTCUSDT live and daily barsBinance plugin; completed bars through Nov. 8NoOne symbol per call; primary route healthy
USD history and BMNR/SBETFMP MCP; crypto through Nov. 8, equities through Nov. 6NoExact namespace called first; USD and USDT distinct
Spot cross-checkOKX, about 02:52 UTCYesETH-USDT $2,149.18; BTC-USDT $75,300.40
On-chainCoinMetrics; MVRV/cap/supply through Nov. 7, addresses through Nov. 8YesSTALE_CRITICAL: about 59h/27h; MVRV ratio is not MVRV-Z
Fees/TVL/L2DeFiLlama and L2Beat, Nov. 9YesTVL $42.15bn; 30D chain fees $19.98m; protocol revenue and exact L1 capture missing
Issuance/burn/stakingCoinMetrics supply proxy; ultrasound.money reachable; beaconcha.in HTTP 401YesExact burn and protocol issuance yield missing; no advertised APY substitution
DerivativesBinance USDⓈ-M pluginNoFunding, OI, basis and long/short available
ETF flowsFarsideYesHTTP 403; DATA_MISSING, no browser bypass
MacroFMP Treasury, Yahoo DXY, prior verified FREDMixedInitial FRED group and one retry timed out; dated observations carried
Treasury disclosureBMNR Nov. 2 8-K exhibitField-specificOfficial holdings; stale per-share denominator

FMP is not authority for on-chain, burn, L2, ETF flows or treasury holdings. CoinMetrics IssContNtv and FeeTotUSD returned HTTP 403 and equivalent restricted endpoints were not retried; CapRealUSD keeps its prior restricted status. Missing/stale anchors are neutralized without reallocating weights.

2. ETH regime, structural health and sub-zone

ItemValueInterpretation
ETHUSDT completed close, Nov. 8$2,127.46Binance UTC daily bar
Live ETHUSDT / BTCUSDT$2,146.95 / $75,244.58Same collection window
200D SMA / annualized 6M slope$2,156.00 / -38.23%Locally calculated from one close series
RSI(14)35.10Weak, not capitulation evidence
1d / 7d / 30d-5.03% / -6.50% / -14.48%Close-to-close returns
Live ETH/BTC0.028533Same-time USDT prices
Five-year percentile / mean12.21% / 0.04960FMP aligned USD history

Nov. 8 is a day-only BEAR signal, but the preceding four days were TRANSITION. The five-day persistent regime therefore remains TRANSITION with a day-only BEAR warning. ETH/BTC is above its 10th percentile at 0.02749 and below its 60th percentile at 0.05569. Exact L2 capture and burn YoY are missing, so structural_health=0, incomplete coverage. Layer 1 is Weak-Transition, nearing Bear; low MVRV proxy is not a clean buy.

3. Multi-anchor valuation

Transition weights: MVRV-Z 20%, Real Yield 25%, Fee Revenue Yield 10%, ETH/BTC 15%, Burn/Issuance 10%, L2 Capture 10%, Network Activity 5%, Macro 0%, Derivatives 5%.

AnchorCurrent5Y percentile / meanScoreWeightContribution
MVRV-Z/proxyMVRV ratio 1.0114 (Nov. 7); Z-score missing26.57% / 1.1509020%0.00
Real YieldProtocol staking issuance yield and exact burn missing; 7D supply proxy implies 0.88% annualized inflationN/A025%0.00
Fee Revenue YieldProtocol revenue missing; $19.98m 30D chain fees cannot substitute for revenueN/A010%0.00
ETH/BTC0.02853312.21% / 0.04960-115%-0.15
Burn/IssuanceExact split missing; 1D/7D/30D supply proxies 0.89%/0.88%/0.86% annualized inflationBurn YoY missing-110%-0.10
L2 CaptureL2_CAPTURE_ESTIMATE: DATA_MISSINGTVL/TVS is not capture010%0.00
Network activityActive addresses 1,031,780 (Nov. 8)97.22% / 620,86105%0.00
MacroDFII10 2.60%; FMP DGS10 4.86%; DXY 102.16N/A-10%0.00
DerivativesFunding -0.00834%/8h, 12-print avg +0.00573%; OI $4.85bn, -8.09% daily; long/short 3.79; basis about -0.05%Long-heavy accounts with deleveraging-15%-0.05

DeFiLlama's chain-fee series changed sharply from the prior snapshot and protocol revenue is null, so no false-precision revenue yield is calculated. Stale MVRV is not Z-score and contributes zero. Real Yield is not fabricated.

4. Score and modified action

Effective score -0.30, mapping to hold/watch under the fixed boundary. The five-day regime remains TRANSITION, but a day-only BEAR signal appeared and ETH/BTC is below 0.030. With incomplete structural coverage and no confirmed capitulation: do not increase size; keep the tactical reduction review active and wait for confirmation or repair.

5. Three independent windows

  • Tactical 1–4 weeks: small reduce / defensive watch. ETH<2,500 plus ETH/BTC<0.030 remains triggered. OI fell quickly, but long/short is still high.
  • Cyclic 1–6 months: hold/watch, defensive bias. A day-only BEAR signal exists. Five consecutive closes below SMA200 with slope<-5% would downgrade this window to reduce.
  • Strategic 6–24 months: conditional hold, not clean bottom-fishing. Low MVRV proxy and high address activity help odds, but fee yield, net supply and L1 capture are weak, stale or unverifiable. structural_health<=-2 caps adds at small-add/watch.

6. Hard trigger lines

TypeConditionCurrent
Small-add reviewThree closes >$2,500, ETH/BTC >0.030 for three days, funding not crowdedNot triggered
Cyclic addPrice >$2,700, SMA200 slope >-5%, fee or burn improvesNot triggered
Tactical reduction reviewClose <$2,500 and ETH/BTC <0.030Triggered
BEAR confirmationPrice below about $2,156 with slope<-5% for five daysDay-only; not five-day confirmed
Structural red linesETH/BTC<0.02749; L2 capture<2%; or burn down>70% YoY for long durationFirst not triggered; other two missing
Real Yield warningVerifiable Real Yield turns negativeUnverifiable; warning retained

7. BMNR mapping and scenarios

FMP's latest completed BMNR close is $18.76 on Nov. 6, market cap about $10.69bn. The newest official treasury disclosure remains Nov. 2: 6,060,506 ETH, including 5,227,037 staked ETH, plus 216 BTC, $498m cash/securities, $180m Beast and $82m ORBS. Nov. 6 DEFA14A did not update holdings. Calculations retain the explicitly stale official 603,226,394 shares as of 2026-07-09; FMP's 569.58m metadata is not an official update.

MetricEstimate
ETH/share0.0100468 ETH
ETH-only NAV/share$21.57
Total-asset NAV/share$22.86
Price / ETH-only NAV0.870x
Price / total-asset NAV0.821x
FMP market cap / total-asset NAV0.775x
ETH cost basisN/A, not disclosed
ETH price0.75x ETH-only NAV/share1.0x1.2xTotal-asset NAV/share note
$1,800$13.56$18.08$21.70$19.37
$2,200$16.58$22.10$26.52$23.39
$2,600$19.59$26.12$31.35$27.41
$3,000$22.61$30.14$36.17$31.43

The total-asset note includes about $776.25m non-ETH assets at face value, before taxes, liabilities, expenses, staking risk or discount. ATM dilution, persistent treasury-stock discounts, ETH/BTC weakness and weak L1 fee capture may offset NAV. SBET closed at $6.24 with market cap about $1.23bn; no current official treasury denominator, so no false-precision mNAV.

8. Cross-asset and macro

ItemCurrent / dateInterpretation
ETH/BTC0.028533; 12.21st five-year percentileNear historical weakness, above 10th percentile
BTC/ETH dominance60.23% / 10.45%, Nov. 9Structure remains BTC-heavy
DFII102.60%, Nov. 5FRED timed out; real-rate headwind
DGS10FMP 4.86%, Nov. 6Rate headwind
WALCL / WTREGEN$6.748tn / $957.175bn, Nov. 4FRED timed out; mixed liquidity
RRPONTSYD$0.150bn, Nov. 6FRED timed out; buffer nearly exhausted
M2SL$23.414tn, Sep. 2026Monthly lag
DXY102.16, Nov. 9Dollar headwind

Macro is negative, but Transition weight is 0%; it changes risk boundaries, not the score.

9. Sources and caveats

Sources: Binance Spot/USDⓈ-M plugin, FMP MCP, CoinMetrics Community, ultrasound.money, DeFiLlama, L2Beat, FRED, Yahoo, OKX, CoinGecko and BMNR official SEC filings. Critical limitations: MVRV/cap/supply and addresses are older than 24 hours; MVRV-Z, protocol issuance yield, exact burn, L2-to-L1 capture, protocol revenue and ETF flows are missing; BMNR's share denominator is stale. Framework research only, not investment advice or a return guarantee.

Source data

  1. Binance Spot and USD-M plugin ↗2026-11-09 · ETHUSDT and BTCUSDT live prices around 2026-11-09 02:51 UTC; completed 1d bars through 2026-11-08; ETHUSDT derivatives through 2026-11-09.
  2. Financial Modeling Prep ↗2026-11-09 · Five-year ETHUSD/BTCUSD history through 2026-11-08; BMNR/SBET market data through 2026-11-06; Treasury and filing discovery.
  3. CoinMetrics Community API ↗2026-11-08 · ETH MVRV, market cap and supply through 2026-11-07; active addresses through 2026-11-08; all critical observations older than 24h.
  4. ultrasound.money ↗2026-11-09 · Site reachable 2026-11-09; exact burn/issuance split unavailable, so CoinMetrics net-supply proxy is used.
  5. DeFiLlama ↗2026-11-09 · Ethereum TVL and chain fees retrieved 2026-11-09; protocol revenue was null and TVL is not L1 value capture.
  6. L2Beat ↗2026-11-09 · L2 structure reference for 2026-11-09; exact L2-to-L1 value-capture numerator and denominator unavailable.
  7. BMNR November 2 8-K exhibit ↗2026-11-02 · Holdings as of 2026-11-01: 6,060,506 ETH, 5,227,037 staked ETH, 216 BTC, $498m cash and securities, $180m Beast and $82m ORBS.
  8. BMNR May 31 2026 Form 10-Q ↗2026-07-14 · 603,226,394 shares outstanding as of 2026-07-09; explicitly stale denominator.
  9. FRED ↗2026-11-09 · 2026-11-09 initial group and one retry timed out; prior verified dated observations are carried.
  10. CoinGecko global cross-check ↗2026-11-09 · BTC and ETH dominance retrieved around 2026-11-09 02:52 UTC.
  11. OKX spot ↗2026-11-09 · ETH-USDT and BTC-USDT cross-check around 2026-11-09 02:52 UTC.
  12. Yahoo Finance DXY ↗2026-11-09 · DXY daily close 102.164 on 2026-11-09 from Yahoo chart endpoint.
  13. Farside ETH ETF flows ↗2026-11-09 · Direct HTTP returned 403 on 2026-11-09; ETF flows are missing.

No trading is executed by this report.

Latest report →

Previous reports

Dates without a complete report are marked below. Short notifications are not presented as full reports.

  1. Full report
  2. Full report
  3. Full report
  4. Full report
  5. Full report
  6. Full report
  7. Full report
  8. Full report
  9. Full report
  10. Full report