Ethereum (ETH) showed strong performance last week, briefly reaching $2,700 on Tuesday, May 13, for the first time in almost three months. Market confidence suggests a continued recovery for ETH, potentially outperforming Bitcoin (BTC) in the coming months. This raises the question of whether an altseason is on the horizon.
CryptoQuant's latest weekly report indicates that the ETH/BTC price ratio may have bottomed out, suggesting ETH is preparing to outperform BTC. According to CryptoQuant, this could signal the start of altseason, where capital shifts from Bitcoin to other crypto assets. CryptoQuant data shows a 38% increase in the ETH/BTC price ratio last week.
CryptoQuant also highlighted that Ethereum recently entered an extreme undervaluation region, based on the ETH/BTC MVRV metric, for the first time since 2019. The relative ratio of ETH's spot trading volume to Bitcoin jumped to 0.89 last week, its highest since August 2024. As of May 2025, the ETH exchange inflow ratio has dropped to its lowest level since 2020, indicating lower selling pressure than BTC.
Investors are increasingly favoring Ethereum through ETF purchases, with the ETF holdings ratio increasing sharply since late April. Currently, ETH is trading just below $2,500, reflecting a 3% decline in the past 24 hours.
This article is based on our author's analysis of materials taken from the CryptoQuant weekly report.