BlockBeats News, May 8, CryptoQuant stated that the ETH/BTC MVRV data shows that ETH is currently extremely undervalued compared to BTC, marking the first time since 2019. Historically, this situation often leads to Ethereum outperforming Bitcoin. However, supply pressure, weak demand, and lackluster activity may hinder a rebound.
The MVRV (Market Value to Realized Value) ratio is an indicator that measures the market value of an asset relative to its 'real value' (usually based on the average cost of holders). The ETH/BTC MVRV indicates the ratio of Ethereum's market value to its real value compared to Bitcoin.
Analyzing the image, it can be seen that when the ETH/BTC MVRV drops into the undervalued area (like in 2019), Ethereum tends to exhibit strong performance relative to Bitcoin (price increase) afterwards. Currently (2025), the ETH/BTC MVRV has once again fallen into the undervalued area (around 0.4), indicating that Ethereum may be undervalued compared to Bitcoin.
