According to the latest Coinmetrics report, Ethereum's annual issuance percentage fell to an all-time low by the end of December 2019, to 3.45%. However, after the upgrade of the Liaoer Glacier, the annual percentage of ETH has risen to 4.56%. Nate Maddrey, senior research analyst at Coinmetrics, recently pointed out that Ethereum may be undervalued compared to Bitcoin.