$ETH
Major Signal!
Severely Underestimated Ethereum,
Has it quietly caught the eye of ETF buyers?!
CryptoQuant's latest report finds that Ethereum (ETH) is currently in a situation akin to a 'neglected gem.' In terms of market value to realized value ratio (MVRV), ETH has fallen to its lowest level since 2019, indicating that it is likely undervalued by the market! In previous instances of this situation, ETH's price often experienced a significant surge, sometimes even outperforming Bitcoin.
Since the end of April, the proportion of ETH holdings in ETFs specifically investing in ETH and BTC has been increasing, indicating that institutional investors believe ETH's performance will surpass BTC in the near future. This may be due to Ethereum having just completed the Pectra upgrade, along with improving economic conditions. Moreover, on-chain data shows that the number of people selling ETH has decreased, while trading has become increasingly active, all of which suggests that ETH may be about to enter an upward trend.
Currently, the price ratio of ETH to BTC has rebounded by 38% compared to its lowest point in January 2020. Many investors and traders are betting that ETH has bottomed out, and a 'altcoin frenzy season' may be approaching!
