Analysis: Compared to Bitcoin, Ethereum may currently be severely undervalued

BlockBeats News: On May 8th, CryptoQuant announced that ETH/BTC MVRV data shows that ETH is currently extremely undervalued compared to BTC, marking the first time since 2019. In history, this situation has often led to Ethereum performing better than Bitcoin. However, supply pressure, weak demand, and lackluster activity may hinder the rebound. The MVRV (Market Value to Realized Value) ratio is an indicator that measures the market value of an asset against its "real value" (usually based on the average cost to holders). ETH/BTC MVRV represents the ratio of Ethereum's market value to its true value relative to Bitcoin. According to the analysis of the image, when ETH/BTC MVRV falls into the undervalued region (such as in 2019), Ethereum often exhibits strong performance relative to Bitcoin (price increase). Currently (in 2025), the ETH/BTC MVRV has once again fallen to the undervalued region (around 0.4), indicating that Ethereum may be undervalued relative to Bitcoin.