Is Ethereum’s recent surge set to continue? While the digital asset has reached new heights and surpassed Bitcoin in weekly spot volume, a closer look reveals subtle warning signs. The Ethereum/Bitcoin ETF ratio surged from 0.05 to 0.15 between May and August, indicating a significant shift towards Ethereum investment by institutional players. This coincides with a rise in ETH’s spot volume, exceeding Bitcoin’s for four consecutive weeks, potentially fueled by investor interest in DeFi and tokenization. However, the rapid ascent of ETH is not without concerns. The ETH/BTC MVRV ratio has climbed to 0.8, approaching a historical overvaluation threshold, suggesting potential vulnerability to correction. Inflows to exchanges have also surged recently, indicating some profit-taking activity among holders.