Analyst: Ethereum MVRV has diverged since 22 years, and the key turning point is the shift to PoS.

On-chain data analyst Murphy released ETH based on the analysis of token flow and value ratio, ETH's traffic in the trading platform has fallen below 35% since the end of December 2022, and this value has reached more than 50% in September 21, indicating that ETH used to be able to compete with BTC in the inflow/outflow ratio of the trading platform, and now the proportion has dropped significantly, which means that funds are paying less and less attention to ETH.
From December 2022, Bitcoin's MVRV "market value to real value ratio" (blue line) and Ethereum's MVRV (yellow line) have clearly diverged. For up to 7 years before that, this indicator has been alternately dominant, sometimes ETH is stronger and sometimes BTC is stronger. Now the blue line is always below the yellow line, which means that from December 22 until today, the unrealized profit of ETH holders has always been lower than BTC. Whether from the trading platform data or on-chain data, the time when Ethereum's trend turns seems to be December 2022. And coincidentally - on September 15, 2022, the Ethereum mainnet merged with the beacon chain, completely ending PoW mining and switching to the PoS consensus mechanism, just after that everything changed.
With the trend of fading sentiment weakening, the capital inflow of BTC and ETH, two major mainstream assets, has decreased significantly since December last year. But even so, BTC can still maintain a positive inflow of 5.40 billion US dollars on the 30th; while ETH has turned into a net capital outflow from February 15th, and as of yesterday nearly 30 US dollars outflow. The attitude of funds is an important condition for determining the price and trend, and ETH's recovery trend needs to wait for the dominant capital attention again.