PANews reported on May 17 that according to the latest report from CryptoQuant, the market value to realized value ratio (MVRV) of Ethereum (ETH) relative to Bitcoin (BTC) has fallen to its lowest level since 2019, indicating that ETH may be undervalued. Since the end of April, the proportion of ETH/BTC ETF holdings has increased significantly, indicating that institutional investors expect ETH to outperform BTC, which may be driven by the recent Pectra upgrade and the improvement of the macroeconomic environment. On-chain data shows that ETH's selling pressure has eased and trading volume has increased, supporting its potential upward trend. Currently, the ETH/BTC price ratio has rebounded 38% from its low in January 2020. Investors and traders are betting that ETH has bottomed out, which may trigger a new round of "altcoin season." (CoinDesk)