PANews, May 17 - According to the latest report from CryptoQuant, the market value to realized value ratio (MVRV) of Ethereum (ETH) relative to Bitcoin (BTC) has dropped to its lowest level since 2019, indicating that ETH may be undervalued. Since the end of April, the proportion of ETH/BTC ETF holdings has significantly increased, suggesting that institutional investors expect ETH to outperform BTC, potentially driven by the recent Pectra upgrade and an improving macroeconomic environment. On-chain data shows that the selling pressure on ETH has eased, with increased trading volume supporting its potential upward trend. Currently, the ETH/BTC price ratio has rebounded 38% from its low point in January 2020, with investors and traders betting that ETH has bottomed out, possibly triggering a new round of 'altcoin season'. (CoinDesk)
