Ethereum Nears Record High as Investor Preference Shifts, Cryptoquant Reports 🔥📈

Ethereum (ETH) is nearing its all-time high of $4,743, just shy of its previous peak of $4,865 from November 2021. According to a new report by Cryptoquant, investor preference is increasingly shifting towards ETH, surpassing Bitcoin (BTC) in several key metrics. 🚀💹

Key Trends:

Institutional Interest: Institutional investors have been significantly increasing their Ethereum holdings via spot exchange-traded funds (ETFs). The ETH/BTC ETF ratio surged from 0.05 to 0.15 in just three months, signaling a major shift in preference.

ETH’s Momentum: Spot trading volume for ETH has outpaced Bitcoin for four consecutive weeks, reaching $24B compared to Bitcoin’s $14B. This momentum has pushed the ETH/BTC trading volume ratio to 1.66, its highest since June 2017. 🔄💥

Rising Selling Pressure: Despite Ethereum’s strong rally, analysts warn of potential headwinds. The daily ETH inflows to exchanges now exceed Bitcoin’s, suggesting that holders may be preparing to cash out. Additionally, the ETH/BTC MVRV ratio has risen, approaching a level where Ethereum is historically considered overvalued against Bitcoin. ⚠️

Looking Ahead:

As Ethereum continues to rally, Cryptoquant’s researchers caution that increasing selling pressure could slow its momentum. The market’s attention now turns to whether this upward trend can be sustained or if profits will be realized in the short term. 📊👀

Stay tuned for more updates as the crypto landscape evolves! 🌐

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