#BTCBreaks99K On May 8, CryptoQuant reported that the ETH/BTC MVRV data indicates 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 stagnant activity may hinder the recovery.

The MVRV (Market Value to Realized Value) ratio is an indicator that measures the market value of an asset against its "realized" value (typically based on the average cost of holders). The ETH/BTC MVRV represents the ratio of the market value to the realized value of Ethereum compared to Bitcoin.

From the analytical image, it can be observed that when the ETH/BTC MVRV drops into the undervalued region (as in 2019), Ethereum tends to show strong performance compared to Bitcoin (price increase). Currently (in 2025), the ETH/BTC MVRV has once again fallen into the undervalued region (around 0.4), indicating that Ethereum may be undervalued compared to Bitcoin.