The CEO of CryptoQuant, a blockchain analytics platform, is revising his stance on altcoins in light of the potential approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Ki Young Ju, who has a following of 348,500 on the social media platform X, reveals that Ethereum’s Market Value to Realized Value (MVRV) metric is indicating a bullish trend. The MVRV indicator is used to determine if a crypto asset is undervalued or overvalued by comparing its market capitalization to its realized capitalization. According to Young Ju, the rising ETH MVRV suggests that the Ethereum market is heating up in relation to its on-chain fundamentals. He predicts that this may lead to an “ETH-only season,” as historically, when Ethereum surges, other altcoins tend to follow suit.

Young Ju also comments on the decline of memecoin dominance, which reached a 15-month high in March. Memecoin dominance refers to the proportion of memecoins’ total market capitalization compared to that of all altcoins. He suggests that the focus in the crypto community is shifting from gambling to fundamentals, similar to a few years ago. Young Ju concludes by stating, “Pack it up lads, it’s over,” implying that the era of memecoins may be coming to an end.

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