Ethereum has entered one of its most significant undervaluation periods in recent years, according to analysts at Bitwise. They noted that the second-largest cryptocurrency has been underperforming compared to Bitcoin, with the ETH/BTC ratio down 47% over the past year. At present, purchasing one ETH yields only 0.027 BTC. Bitwise's Andre Dragosch argues that Ethereum is fundamentally mispriced when considering its on-chain activity and adoption metrics. Factors contributing to Ethereum's lackluster performance include the rise of artificial intelligence, meme coins, and tokenization of real-world assets. In comparison, the total net assets in U.S. Bitcoin exchange-traded funds (ETFs) have reached $115 billion, while Ethereum ETFs have a mere $10.15 billion in capital, representing only 3.1% of its market cap. Historical analysis hints at a possible rebound for Ethereum in February.

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