ETH/BTC ratio falls to 10-month low as ether underperforms bitcoin
The ether-to-bitcoin (ETH/BTC) ratio fell to 0.02835 on Tuesday, its lowest level in 10 months, as ether dropped over 2% compared to bitcoin's 1% decline. The ratio is now down more than 35% from its August high of 0.04324. This widely followed gauge measures ether's relative performance against bitcoin and is considered a key indicator of market risk appetite. A falling ratio suggests investors are favoring bitcoin's stability over higher-risk assets like ether. The ratio peaked above 0.08 in December 2021 before entering a prolonged downtrend. Weakness through 2024-2025 was driven by bitcoin's outperformance following the launch of U.S. spot bitcoin ETFs, which attracted institutional inflows. The ratio bottomed at 0.01770 in April 2025 during tariff-related market turmoil, then rebounded 135% before reversing. Technically, the ratio remains well below its 200-week moving average of 0.04828, reinforcing the view that ether is in a long-term bear market relative to bitcoin.
Key facts
- ETH/BTC ratio hits 0.02835, lowest in 10 months.
- Ether drops over 2%, bitcoin falls just over 1%.
- Ratio down 35% from August high, signaling weak risk appetite.
- Long-term downtrend from 2021 peak of 0.08 continues.
- Ratio below 200-week MA, confirming ether's bear market vs bitcoin.