Ki Young Ju, CEO of crypto analytics firm CryptoQuant, pointed out that while Ethereum's Market Value Realized Value (MVRV) is rising rapidly, it is also accompanied by an increase in trading volume and active addresses on the Ethereum network. ETH MVRV is rising faster than BTC MVRV, indicating that the ETH market is heating up relative to its on-chain fundamentals. But the level of on-chain activity suggests it may not be overvalued. According to Santiment's data, compared to Bitcoin in the past 30 days, Ethereum's MVRV rose by 29.9% to 91.43%, while Bitcoin's MVRV showed the opposite trend, falling by 10.8% to 127.41% over the same period. MVRV indicates that an asset is trading above or below its fair price, which is essentially the difference between the price a user paid for an asset and the current market price.