Data: ETH valuation drops to the lowest since 2019, facing supply pressure and weak demand

According to a report by Deep Tide TechFlow, on May 8, CryptoQuant stated on social media that ETH's current valuation compared to BTC has fallen to its lowest level since 2019. Historical data shows that this situation typically leads to ETH outperforming BTC. However, ETH currently faces supply pressure, weak demand, and lackluster on-chain activity, which may hinder its price rebound.