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

Blockbeats
05-08

BlockBeats News, May 8th, CryptoQuant stated in a post that the ETH/BTC MVRV data shows that ETH is currently extremely undervalued compared to BTC, marking the first time since 2019. Historically, this situation has often led to Ethereum outperforming Bitcoin. However, supply pressure, weak demand, and subdued activity may hinder a rebound.

The MVRV (Market Value to Realized Value) ratio is an indicator that measures an asset's market value against its "realized value" (usually based on holders' average cost). The ETH/BTC MVRV represents the ratio of Ethereum's market value to realized value compared to Bitcoin.

As shown in the analysis chart, when the ETH/BTC MVRV drops to the undervalued zone (e.g., in 2019), Ethereum has subsequently often demonstrated strong performance relative to Bitcoin (price increase). Currently (2025), the ETH/BTC MVRV has once again dropped to the undervalued zone (around 0.4), indicating that Ethereum may be undervalued relative to Bitcoin.

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