Ethereum (ETH) reached $4,743 on Aug. 14, its highest level since November 2021 and just below its previous peak of $4,865, Cryptoquant researchers noted. Crucially, the ETH/ BTC price ratio crossed above its 365-day moving average, historically signaling a bullish cycle for ethereum relative to bitcoin.

Institutional interest surged via spot exchange-traded funds (ETFs), cryptoquant.com data reveals. The ETH/ BTC ETF holdings ratio climbed to 0.15 from 0.05 just three months ago, indicating significantly greater ETF buying of ethereum versus bitcoin. Concurrently, ETH open interest in perpetual futures markets grew faster than bitcoin’s, with the relative ratio jumping from 0.57 to 0.76.

Spot trading volume showcases ether’s momentum. ETH’s weekly spot volume exceeded bitcoin’s for four consecutive weeks, recently by $10 billion ($24B vs. $14B). The ETH/ BTC trading volume ratio hit 1.66, its highest since June 2017.

Despite the strength, Cryptoquant analysts identified potential headwinds. Daily ETH inflows to exchanges now surpass bitcoin’s, signaling holders may be preparing to realize profits. The ETH/ BTC exchange inflow ratio transitioned from low to higher selling pressure between May and August.

Additionally, the ETH/ BTC MVRV ratio – measuring relative asset value – rose from 0.4 to 0.8 since May, nearing the 0.9 threshold where ethereum historically becomes overvalued against bitcoin. Researchers caution that this could limit near-term gains if sentiment shifts.

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