Odaily News CryptoQuant's latest report points out that Ethereum's (ETH) market value to realized value ratio (MVRV) relative to Bitcoin (BTC) has fallen to its lowest level since 2019, indicating that ETH may be undervalued. Historical data shows that at similar levels, ETH usually rises sharply and outperforms BTC.

Since the end of April, the proportion of ETH/BTC ETF holdings has risen significantly, indicating that institutional investors expect ETH to outperform BTC, which may be driven by the recent Pectra upgrade and the improvement of the macroeconomic environment. On-chain data shows that ETH's selling pressure has eased and trading volume has increased, supporting its potential upward trend. Currently, the ETH/BTC price ratio has rebounded 38% from the low point in January 2020. Investors and traders are betting that ETH has bottomed out and may trigger a new round of "altcoin season". (CoinDesk)