ETH悄悄地滑入了历史上罕见的领土

该信号来自以太坊的ETH/BTC市场价值到已实现价值（MVRV）度量标准，这是一系列相对估值，可衡量市场情绪和历史交易模式。

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

该分析强调了一个特定的市场信号，该信号可能对ETH相对于BTC的价格绩效产生影响。

Here's a breakdown:

这是一个故障：

* **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.

***历史观点：**加密报告强调了“罕见”的发生：与比特币（BTC）（BTC）相比，ETH对实现价值的市场价值（MVRV）已达到自2019年以来未见的低点，表明该代币被深深被低估了。该指标是一种考虑市场情绪和历史交易模式的相对估值的度量，通常看到ETH随后带来了巨大的收益。

* 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.

*机构的兴趣不同：尽管BTC通常会引起人们的关注，但来自CryptoQuant的数据表明，对ETH ETF的需求急剧上升，ETH/BTC ETF持有率自4月下旬以来急剧增加。这种分配的转变表明，机构投资者对ETH的表现有更强的期望，这可能与最近的Pectra升级或更广泛的宏观经济趋势有关。

* 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.

*价格行动和交易者情绪：ETH/BTC的价格比已经从2020年1月以来的最弱水平反弹了38％，这表明投资者和交易者正在押注底部，可能是“ ALT季节”。这与Bizantine Capital的普通合伙人三月的观察结果相吻合，他指出，交易者应该回想起，通常，ETH是风险登机的主要链端币指标，其大幅度的上升通常会导致更广泛的Altcoin集会。

* Trading Volume Signals:

*交易量信号：

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.

链上数据为这种乐观提供了进一步的支持。相对于BTC的ETH现货交易量上周飙升至0.89，达到了2024年8月以来的最高水平，这表明了投资者的胃口。在2019年至2021年之间，当ETH继续以四倍的速度胜过BTC时，也发生了类似的趋势。

* Exchange Deposits Are At Relative Lows:

*交换存款处于相对低点：

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还指出，ETH Exchange存款通常是销售压力的指标，自2020年以来已经下降到其相对水平的最低水平，这意味着投资者预计未来价格会更高。

* Network Activity Remains Low:

*网络活动仍然很低：

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.

可能会进一步上涨的一个因素是网络活动，该活动在先前的报告中标记了加密量。如果没有更多的人使用以太坊，对于代币的价格就很难提升并前往月球。

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.

总体而言，尽管确认可能会导致ETH果断地超过其对BTC的关键365天移动平均线，但极端低估，机构利益和销售压力减轻的结合似乎在未来几个月内为大量上升空间设定了ETH。但是，缺乏网络活动可能会对这种看涨的前景构成挑战。