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$ETH /$BTC ratio has dropped to 0.0275— a 10-month low, down 36% from last year's high of 0.0432.
Even more painful data: in the past week, only ETH among the top ten crypto assets posted negative returns. BTC fell by 1.7%, while ETH dropped by 3.5%. In the same market, funds have voted with their feet.
This hasn't happened overnight. Since the launch of the US spot BTC ETF in January 2024, institutional funds have been systematically shifting from ETH to BTC. The 200-week moving average for ETH is at 0.0483— the current price is 43% below that average.
To put it plainly, smart money hasn't exited the crypto market; they’re just changing seats. The narrative of BTC as "digital gold" has been firmly locked in by ETF fund flows, while ETH's "world computer" story is still waiting for the next catalyst.
Pectra upgrade? RWA explosion? Or maybe the AI formal verification recently mentioned by Vitalik?
Until that reason is found, this ratio might continue to slide.#TradfiTradingChallenge