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According to BlockBeats news, on May 17, a new report from CryptoQuant states that ETH has quietly fallen to a historically rare range, as a market signal indicates that ETH is severely undervalued compared to BTC.
The signal comes from the MVRV ( indicator of the ETH/BTC market value and realized value, which is used to measure market sentiment and relative valuation of historical trading patterns.
Historically, whenever this indicator reaches similar low levels, ETH tends to experience significant price increases and greatly outperforms BTC. CryptoQuant believes that investors seem to have noticed this. With the demand for ETH ETFs skyrocketing, the holding ratio of ETH/BTC ETFs has risen significantly since the end of April. This shift in allocation suggests that institutional investors expect ETH to perform better than BTC, which may be driven by the recent Pectra upgrade or a more favorable macroeconomic environment.
CryptoQuant believes that the current ETH/BTC price ratio has rebounded significantly, indicating that investors and traders are betting that the market has bottomed out, and the "altcoin season" may be coming soon.