分析：与比特币相比，目前以太坊可能被严重低估

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05-08 17:08

5 月 8 日，CryptoQuant 发文称，ETH/BTC MVRV 数据显示，与 BTC 相比，ETH 目前极度被低估，这是自 2019 年以来的首次。历史上，这种情况通常导致以太坊表现优于比特币。然而，供应压力、需求疲软和平淡的活动可能会阻碍反弹。

MVRV（Market Value to Realized Value）比率是一个衡量资产市场价值与其「真实价值」（通常基于持有者的平均成本）的指标。ETH/BTC MVRV 表示以太坊相对于比特币的市场价值与真实价值的比率。

分析图片可知，当 ETH/BTC MVRV 跌至低估区域时（如 2019 年），以太坊随后往往会出现相对比特币的强劲表现（价格上涨）。当前（2025 年），ETH/BTC MVRV 再次跌至低估区域（约为 0.4 左右），表明以太坊相对于比特币可能被低估。

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