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CryptoQuant: ETH's valuation relative to BTC has hit a new low since 2019.
Golden Finance reports that CryptoQuant stated on social media that the current valuation of ETH compared to BTC has fallen to the lowest level since 2019. Historical data shows that this situation usually leads to ETH outperforming BTC. However, the current market faces supply pressure, weak demand, and subdued on-chain activity for ETH, which may hinder the rebound of its price.