Viewpoint: ETH is receiving attention from ETF buyers, and its growth potential may be underestimated According to the latest report from CryptoQuant, the market value to realized value ratio (MVRV) of Ethereum (ETH) relative to Bitcoin (BTC) has dropped to a low level since 2019, indicating that ETH may be undervalued. Since the end of April, the proportion of ETH/BTC ETF holdings has significantly increased, indicating that institutional investors expect ETH to outperform BTC, possibly driven by the recent Pectra upgrade and macroeconomic environment improvement. On chain data shows that the selling pressure on ETH has eased, and trading volume has increased, supporting its potential upward trend. At present, the ETH/BTC price ratio has rebounded by 38% from its low point in January 2020, and investors and traders are betting that ETH has hit bottom, which may trigger a new round of "counterfeit coin season".