The Eter-Bitcoin (ETH/BTC) ratio reached a “extremely less than its value” area in a historically up-to-date sign-but merchants who are betting on the acute ether (ETH) may want to stop.
According to data from Cryptoquant on the series, the ETH/BTC market rate decreased to the achieved value (MVRV) to its lowest levels in several years to reach levels that had previously exceeded the periods of performance in ETC against BTC.
The exchange rate of symbols, which is called a traditional percentage, reached its peak above 0.08 in late 2021. The ETH/BTC ratio was 0.019 at the time of the press, a decrease of more than 75 % of its standard standard levels.
MVRV is a scale that compares the maximum current market for the symbol with its achieved drawing, or the value of each currency based on the price that was last transferred on Blockchain. This effectively reflects the basis for the average cost of all coins in trading.
But the preparation may not be clear this time. Cryptoquant said the network activity is still flat and basic use standards such as the number of transactions, and the active headlines have not witnessed great momentum since the last bull race.
The increase in the total ether supply is directly related to the sharp decrease in burning fees, as shown in the above chart, which indicates a decrease in the burning activity to nearly zero. The company said the reason behind this shift was the Dencun promotion, which was implemented in March 2024, which significantly reduces transactions across the network.
ETHEREUM network has been largely fixed since 2021, with no constant growth in the past three years. This recession is echoed through the main standards such as the volume of transactions and active addresses, indicating that the ethreum basic layer did not suffer from a meaningful expansion in the activity on the chain.
Meanwhile, the growth of layer 2 solutions, such as expression and base at the expense of Mainnet activity. This dynamic dynamic reduces this human meat from the basic layer fees and weakens the narrative of the value of the ETH.
Institutional request also: “The investor’s request on ETH as the return and institutional assets weakens, as shown by the decrease of ETH Stapled and less frequency than the traded investment boxes and other investment vehicles,” Cryptoquant books.
She added: “The total value has decreased from its highest level ever, while the boxes continue to decline, indicating a decrease in confidence from the encrypted indigenous participants and traditional investors.”
The amazing amount of the soul has decreased significantly from the highest level at all times of 35.02 million ETH in November 2024 to about 34.4 million ETH, indicating that investors may re -customize capital or search for more liquid positions in a less favorable market environment.
In addition, ETH balances in investment products have decreased by 400,000 ETH since early February, highlighting a wider decrease in institutional demand.
Meanwhile, Bitcoin continued to rise despite the macroeconomic environment, touching nearly 100,000 dollars on Thursday, as its call grows as a safe straightening asset among investors.
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