Has ETH/BTC Bottomed and Who Leads From Here?

**Julio Moreno** (0:00)
We can go higher even. I always look at the, what I call the traders' on-chain realized price. So that is like a realized price for short-term movements. Right now, it's around 72, so during the bear market, we have gone up and touched that level three times or two times. So when there's a rally, it goes and touches that level.

**John Gillan** (0:23)
Bitcoin has broken 66K. Is the bottom finally in, or is this setting us up for another summer drop? What is this telling us about the altcoin markets, and what is this telling us about Ethereum here? Hello, and welcome to The Milk Road Show, the podcast that knows that it's going to be a lot more fun to do these episodes when we can stop asking, have we bottomed, and start asking, where is the top? I'm your host, John Gillan. Today is Wednesday, July 22nd, and today we are joined by Julio Moreno. Julio is the head of research at CryptoQuant, where he leads data-driven on-chain analysis and institutional-grade research on Bitcoin and digital assets. Julio has over 15 years of experience in market intelligence, and he's a long-time friend of Milk Road. Julio is going to share a ton of alpha with us today, as he always does. If that sounds good to you, make sure you like and subscribe. Share this episode with somebody who's going to enjoy it. Today's episode is brought to you by Securitize, the regulated rails for tokenization, and BitGet, stocks 2 with real liquidity, real dividends. Without further ado, welcome back to The Milk Road Show, our old friend Julio. How are you?

**Julio Moreno** (1:21)
Hello, John. I'm fine. Thanks for having me again.

**John Gillan** (1:24)
Glad to have you back on the show.
Julio, I feel like you and I have been talking about Bitcoin and the Bitcoin bear market on these episodes and these updates for months at this point. So I was really excited when you sent over a deck on Ethereum and its relationship to Bitcoin and where it's bottoming. Just before we get into this here, I'd like to hear your thoughts. What got you interested in talking about this ETH BTC ratio and what's gotten your attention about ETH at this moment in the market here?

**Julio Moreno** (1:50)
Well, I see ETH could be like a bellwether for the altcoin space. So I do divide Bitcoin on the one side because it's a unique asset, the store of value, right?
And then the other one is like all the other crypto and all the other chains that are doing different things, not competing with Bitcoin, but doing other things.
And so, Ethereum is in that side, Ethereum is the most important in terms of a variety of reasons, including market cap. So, how it moves, I think it gives you some insight into what to expect for the other coins. So, as you say, we will be talking a lot about Bitcoin, about in the spare market, when it's bottoming. But then looking into the other side, I think it's also important. It also gives you insights on what to expect for the other side of crypto. Hi, everyone.

**John Gillan** (3:00)
This is John. Listen, our Milk Road PRO analysts nailed this AI bull market. They had dozens of calls pay off in a big way for our community. If you want to see how our entire team of analysts are positioning for the crypto bull market that's going to come after this bear market finally ends, you can join us now at Milk Road PRO. It's just a dollar. Link is in the description. You'll get access to all of our analyst trades, their watch lists, and see how they're navigating this in their portfolios, and get access to ask us questions in Discord any time, day or night. It's just a dollar. Link is in the description. Milk Road PRO, join now. I'll see you there. Got you. Well, I want to come back to Bitcoin at the end of the conversation to get your thoughts on that. But for now, I think it makes sense to just go right into your presentation. It's titled Cheaper, Not Capitulated.
Take us through this, man. What do you got for us today?

**Julio Moreno** (3:42)
Yeah, we're going to see mostly a few charts and a few metrics about Ethereum. Comparing, the goal is to evaluate Ethereum. Is it cheaper now after all this bear market? Is it bottom?
So we're going to value Ethereum against some of their own metrics. But also, it's really interesting to see Ethereum compared relative to Bitcoin in terms of who is outperforming, and then in terms of between those two, who is more undervalued, because that really gives you insight into what to expect ahead. So a lot of these charts, it's metrics about the relative value between Bitcoin and Ethereum in terms of the price and in terms of some key metrics. Metrics about exchange flows, metrics about ETFs holdings, metrics about the relative value between those two. So you're going to see that. And then, so my goal was to answer the question, if Ethereum has bottom relative to Bitcoin, because historically, when that happens, we form a bottom, then you can expect an upward trend. And also, historically, after that, Ethereum has overperformed, outperformed Bitcoin. So that's interesting to see with this metrics.