Here’s the Gory Bits:
- Ethereum‘s feeling a bit glum, trading lower than a worm’s belly against Bitcoin. But hark! It’s just like 2019, when ETH went bonkers and left BTC in the dust! 🚀
- The Big Boys, those institutional investors, are piling into ETH like kids raiding a sweet shop. They reckon it’ll beat BTC, probably thanks to that fancy-pants Pectra upgrade. 🧐
- On-chain data – sounds like something a plumber would find! – shows less selling and more trading. Could mean HUGE gains are coming. Let’s hope so! 🙏
ETH, that sneaky little sausage, has wriggled into a rare spot. CryptoQuant says it’s cheaper than a stale donut compared to Bitcoin (BTC). Not since 2019 has it been this undervalued! 🍩
This signal comes from Ethereum’s ETH/BTC Market Value to Realized Value (MVRV) – sounds like gobbledegook, doesn’t it? It’s just a fancy way of saying it measures market feelings and old trading habits. 😴
In the past, when this thingummybob has been this low, ETH has shot up like a rocket and made BTC look like a tortoise in treacle. 🐢
And guess what? Investors are finally waking up! The demand for the ETH ETF is going through the roof. The ETH/BTC ETF holdings ratio is climbing faster than a monkey up a coconut tree! 🐒
This shift suggests those clever clogs in the institutions think ETH will trounce BTC. Maybe it’s the Pectra upgrade, maybe it’s just a bit of luck. Who knows? 🤷
The ETH/BTC price has already bounced up 38% from its lowest point since January 2020. Traders are betting the bottom’s in, and we’re about to have an “alt season.” Whatever that is! 🤪
That’s what some market geezers have been telling CoinDesk, anyway.
March Zheng, a big cheese at Bizantine Capital, reckons traders should remember ETH is usually the main indicator for risk-on altcoins. When it jumps, the others usually follow like sheep. 🐑
On-chain data – there’s that plumbing again! – shows that ETH spot trading volume compared to BTC hit 0.89 last week, the highest since August 2024. Investors are hungry again! This happened between 2019 and 2021, and ETH went on to beat BTC four times over! 🤑
CryptoQuant also points out that ETH exchange deposits, which often mean people are selling, are the lowest since 2020. Seems like everyone’s expecting prices to go up! 🚀
For now, we need ETH to break above its 365-day moving average against BTC. Sounds complicated, doesn’t it? 😵💫
But still, with ETH being so cheap, the big investors moving in, and less selling going on, it looks like ETH is ready to go bananas in the coming months! 🍌
But hold your horses! ETH is still lagging when it comes to network activity. CryptoQuant said so in a previous report. If more people don’t start using Ethereum, it’ll be tough for the price to zoom to the moon. 🌑
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2025-05-17 11:09