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Ethereum ETFs and MVRV Growth Indicate ETH Leading Altcoin Season

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Highlights

  • Ethereum’s MVRV is exceeding Bitcoin and other assets as it anticipates the altcoin season.
  • The expected spot Ethereum ETF listing in the US is a significant factor in this surge.
  • Despite a decrease in price, bulls are actively accumulating the asset.

Ethereum’s market value to real value (MVRV) is surpassing other assets like Bitcoin ahead of the projected altcoin season. This progress signifies positive market fundamentals amidst declining prices caused by a change in sentiment. Key factors driving ETH’s performance include upcoming Ethereum ETF listings and increased whale activity.

Ethereum MVRV Outpaces Bitcoin

Ethereum’s MVRV is rising faster than Bitcoin’s, highlighting a strong market for ETH based on fundamental metrics. Recent data from CryptoQuant indicates a surge in ETH market activity relative to its underlying value.

We’re entering the early alt season. $ETH MVRV is outpacing BTC MVRV, indicating increased activity in the ETH market driven by on-chain metrics. With the current ETF landscape, we may see a season dominated by ETH. Historically, when ETH performs well, other altcoins follow suit.”

The upcoming altcoin season is anticipated to be primarily ETH-focused, with positive price movements also affecting other altcoins. The recent rise in ETH to $3,700 before a correction influenced similar behaviors in altcoins and meme tokens.

Institutional investors have shown increased interest in Ethereum following the success of Bitcoin ETFs in Q1 2024. This has led to inflows into investment products, lifting most funds out of negative figures for the year.

ETF and Accumulation Boost Sentiments

The potential listings of Ethereum ETFs have sparked positive signals, driving up ETH’s momentum. Initial approval triggered a 22% price surge before a market-wide decline. Bulls are eyeing significant inflows into Ethereum due to its smart contract capabilities and established market utility.

Furthermore, on-chain data reveals continued accumulation of ETH even amidst price corrections. Analysts predict a potential surge to $4,000 post-Ethereum ETF listing, supported by favorable macroeconomic conditions like stabilizing inflation and interest rate reductions.

Also Read: Binance Appeals $4.4M Fine by Canada’s FINTRAC Over AML Violations

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