ETH悄悄地滑入了歷史上罕見的領土

該信號來自以太坊的ETH/BTC市場價值到已實現價值（MVRV）度量標準，這是一系列相對估值，可衡量市場情緒和歷史交易模式。

This analysis highlights a specific market signal that could have implications for the price performance of ETH relative to BTC in the coming months.

該分析強調了一個特定的市場信號，該信號可能對ETH相對於BTC的價格績效產生影響。

Here's a breakdown:

這是一個故障：

* **Historical Perspective:** A CryptoQuant report highlights a "rare" occurrence: ETH’s market value to realized value (MVRV) compared to bitcoin (BTC) has reached lows not seen since 2019, indicating the token is deeply undervalued. This metric, a measure of relative valuation that considers market sentiment and historical trading patterns, has typically seen ETH deliver significant gains afterward.

***歷史觀點：**加密報告強調了“罕見”的發生：與比特幣（BTC）（BTC）相比，ETH對實現價值的市場價值（MVRV）已達到自2019年以來未見的低點，表明該代幣被深深被低估了。該指標是一種考慮市場情緒和歷史交易模式的相對估值的度量，通常看到ETH隨後帶來了巨大的收益。

* Varying Institutional Interest: While BTC usually takes the limelight, data from CryptoQuant reveals a sharp rise in demand for an ETH ETF, with the ETH/BTC ETF holdings ratio increasing steeply since late April. This shift in allocation suggests a stronger anticipation of ETH outperformance among institutional investors, which could be linked to the recent Pectra upgrade or broader macroeconomic trends.

*機構的興趣不同：儘管BTC通常會引起人們的關注，但來自CryptoQuant的數據表明，對ETH ETF的需求急劇上升，ETH/BTC ETF持有率自4月下旬以來急劇增加。這種分配的轉變表明，機構投資者對ETH的表現有更強的期望，這可能與最近的Pectra升級或更廣泛的宏觀經濟趨勢有關。

* Price Action and Trader Sentiment: The ETH/BTC price ratio has already seen a 38% rebound from its weakest level since January 2020, indicating that investors and traders are betting on a bottom and possibly an "alt season." This aligns with observations from March Zheng, General Partner of Bizantine Capital, who notes that traders should recall that typically, ETH has been the main on-chain altcoin indicator for risk-on, and its sizable upticks usually lead to broader altcoin rallies.

*價格行動和交易者情緒：ETH/BTC的價格比已經從2020年1月以來的最弱水平反彈了38％，這表明投資者和交易者正在押注底部，可能是“ ALT季節”。這與Bizantine Capital的普通合夥人三月的觀察結果相吻合，他指出，交易者應該回想起，通常，ETH是風險登機的主要鏈端幣指標，其大幅度的上升通常會導致更廣泛的Altcoin集會。

* Trading Volume Signals:

*交易量信號：

On-chain data provides further support for this optimism. ETH spot trading volume relative to BTC surged to 0.89 last week, reaching its highest since August 2024, signaling renewed appetite from investors. A similar trend occurred between 2019 and 2021, when ETH went on to outperform BTC by fourfold.

鏈上數據為這種樂觀提供了進一步的支持。相對於BTC的ETH現貨交易量上週飆升至0.89，達到了2024年8月以來的最高水平，這表明了投資者的胃口。在2019年至2021年之間，當ETH繼續以四倍的速度勝過BTC時，也發生了類似的趨勢。

* Exchange Deposits Are At Relative Lows:

*交換存款處於相對低點：

CryptoQuant also notes that ETH exchange deposits, often an indicator of selling pressure, have dropped to their lowest relative level since 2020, implying that investors are anticipating higher prices ahead.

CryptoQuant還指出，ETH Exchange存款通常是銷售壓力的指標，自2020年以來已經下降到其相對水平的最低水平，這意味著投資者預計未來價格會更高。

* Network Activity Remains Low:

*網絡活動仍然很低：

One factor that could hamper further upside is network activity, which CryptoQuant flagged in a prior report. Without more people using Ethereum, it will be tough for the token's price to lift off and head to the moon.

可能會進一步上漲的一個因素是網絡活動，該活動在先前的報告中標記了加密量。如果沒有更多的人使用以太坊，對於代幣的價格就很難提升並前往月球。

Overall, while confirmation could come with ETH breaking decisively above its key 365-day moving average against BTC, the combination of extreme undervaluation, rising institutional interest, and diminishing selling pressure appears to be setting up ETH for significant upside in the coming months. However, a lack of network activity may pose a challenge to this bullish outlook.

總體而言，儘管確認可能會導致ETH果斷地超過其對BTC的關鍵365天移動平均線，但極端低估，機構利益和銷售壓力減輕的結合似乎在未來幾個月內為大量上升空間設定了ETH。但是，缺乏網絡活動可能會對這種看漲的前景構成挑戰。