The CEO of CryptoQuant, a blockchain analytics platform, is revising his perspective on altcoins in light of the potential approval of spot Ethereum (ETH) exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC). Ki Young Ju shares with his 348,500 followers on the social media platform X that Ethereum’s Market Value to Realized Value (MVRV) metric is showing a bullish signal. The MVRV indicator is used to determine if a crypto asset is undervalued or overvalued by comparing its market capitalization to its realized capitalization. Young Ju suggests that we are entering the early stages of altcoin season, with ETH MVRV rising faster than Bitcoin (BTC) MVRV, indicating that the ETH market is gaining momentum based on its on-chain fundamentals. He also notes that historically, when Ethereum surges, other altcoins tend to follow. Moving on to altcoins, the CEO points out that memecoin dominance, which reached a 15-month high in March, is now declining. This implies that Crypto Twitter is shifting its focus from gambling to fundamentals, similar to a few years ago. The article concludes by emphasizing that the opinions expressed are not investment advice and that investors should conduct their own due diligence before making high-risk investments.
