The 2023-24 crypto cycle shows a deviation from historical norms in the ETH/BTC ratio. Even though the bull market started at the end of 2022, this ratio continues to decline. What happened? 😲

According to the latest report from Glassnode and CME Group, two factors influenced this decline. First, the approval of a Bitcoin ETF in the US in January 2024 which increases buying pressure. Second, intense competition between Proof-of-Stake (PoS) blockchains threatens Ethereum's dominance.

However, experts hope this will change with the introduction of Ether ETFs in the US which could potentially reverse this downward trend. Investors are also looking forward to an Ethereum ETF. Several prominent asset managers have filed their ETH ETF S-1 registration statements with the SEC.

Amid improving sentiment, Ethereum managed to maintain its position above the $3,000 level. Recent data shows that the altcoin is near a potential bottom, as indicated by the Ethereum Realized Cap currently sitting at $240 billion.

Meanwhile, Ethereum's MVRV ratio is currently showing signs of increasing profitability and is in a recovery and bull market phase. The MVRV ratio has been increasing steadily since mid-2023 and is now above 1.0, indicating that Ethereum investors are holding unrealized profits on average.

What do you think? Will Ethereum reverse this downward trend soon? Come on, give your opinion in the comments column!