The enthusiasm for ETH funding has surged, and the exchange rate may be undervalued by the market.

If you compare the inflow/outflow of funds for ETH and BTC on exchanges, you'll notice an interesting phenomenon: the proportion of ETH reached 48% in mid-August, which means that almost half of the funds on exchanges are revolving around ETH. This ratio is the highest in this round of market activity, indicating that interest in ETH is rapidly increasing.

More importantly, this metric has historically moved almost in sync with the relative trend of ETH/BTC. The logic is straightforward—when funds tilt towards ETH, it naturally outperforms BTC. For example, at the end of 2020, ETH's flow had just surpassed the historical average, with the exchange rate around 0.038. Subsequently, the proportion of funds rose to nearly 50%, and ETH/BTC doubled to 0.08.

Currently, the situation is: the proportion of ETH flow is nearing historical peaks, yet ETH/BTC is still hovering around 0.04, which is clearly mismatched with the funding enthusiasm. In other words, the market's pricing of ETH may not have kept pace with the rhythm of fund flows.

If this level of funding attention can be maintained or even continue to rise, there is still room for the ETH/BTC exchange rate to recover.