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The ETH/BTC ratio has fallen to a 10-month low, with Ethereum continuing to underperform Bitcoin.
The ETH/BTC ratio dropped to 0.02835 on Tuesday, hitting the lowest level since July 2025. Ethereum declined by over 2% that day, while Bitcoin fell slightly more than 1%. This change indicates that market funds still favor Bitcoin over the more volatile Ethereum.
The ratio has fallen more than 35% from its high last year.
From the high of 0.04324 in August 2025, the ETH/BTC ratio has declined by over 35%. This indicator is commonly used to gauge risk appetite in the crypto market.
An increasing ratio often signifies funds shifting toward Ethereum and other higher-risk crypto assets. A declining ratio usually indicates investors prefer holding the more stable-performing Bitcoin.
Bitcoin ETF continues to strengthen its relative advantage.
The ETH/BTC ratio rose above 0.08 in December 2021, then entered a multi-year downtrend. The report mentions that the weakness since 2024 is related to the continued attraction of institutional funds to Bitcoin spot ETFs, which has also helped Bitcoin outperform Ethereum in 2024 and 2025.
In April 2025, during market turmoil triggered by Trump’s “Liberalization Day” tariff announcement, the ratio briefly fell to 0.01770. It then rebounded quickly, rising about 135% within 2025, but later weakened again.
Trading below the 200-week moving average.
From a longer-term perspective, the ETH/BTC ratio is still significantly below the 200-week moving average of 0.04828. This suggests that Ethereum’s long-term relative weakness against Bitcoin has not yet reversed.
For the market, the ETH/BTC ratio not only reflects the relative strength of the two main assets but is also often seen as a window into risk asset preferences. The current continued decline indicates that, under the dominance of institutional funds and defensive demand, Bitcoin remains the preferred allocation in the market.