Ethereum awakening? ETH/BTC exchange rate hits a 3-month high; Arkham: After a four-year 80% drop, it makes a strong return

A well-known on-chain data analytics platform, Arkham, published a latest post on X (formerly Twitter) indicating that the ETH/BTC exchange rate has risen to its highest level in nearly three months. After experiencing a long-term drawdown of as much as 80% from 2021 to 2025, Ethereum has recently shown signs of a strong rebound versus Bitcoin, drawing intense market attention as to whether this implies a new wave of momentum for cryptocurrencies.
(Background recap: Bitmine狂掃 9946 枚 ETH 掌控全球 4.8% 供應量！Tom Lee：以太坊技術面上看 2500 美元)
(Additional context: Bitcoin rebounds to $65k; Ethereum surges past 1940, triggering “liquidations of $210 million”; the Fear Index rises 30)

As the crypto market continues to fluctuate, Ethereum’s relative strength versus Bitcoin (ETH/BTC) has long been a key indicator for investors to judge capital flows and whether an “Altcoin season” is coming. On July 27, Taipei time, Arkham, a well-known on-chain data platform, posted on X (formerly Twitter) stating that the ETH/BTC exchange rate has officially broken out and hit the highest point in the past three months.

ETHBTC HITS 3 MONTH HIGHS

ETH is at its highest point compared to BTC in the past 3 months.

The ETHBTC ratio marks how strong ETH is within crypto, by comparing its price to BTC rather than USD. ETHBTC fell 80% over 4 years from 2021-2025. Is ETH coming back? pic.twitter.com/p4FOGFJIlI

— Arkham (@arkham) July 27, 2026

After enduring four years and an 80% drop, is Ethereum entering a turning point?

In the post, Arkham further analyzed that the ETH/BTC exchange rate is an important metric for measuring Ethereum’s relative strength in the crypto market. By directly comparing it to Bitcoin’s price rather than simply denominating in USD, it reflects real market preferences for capital.

Data review shows that over the four-year period from 2021 to 2025, the ETH/BTC exchange rate went through a prolonged downtrend, with a cumulative decline of as much as 80%. Now, as the exchange rate returns to its highest level in three months, Arkham also raised a question to the market in the post: “Is ETH coming back?”

Community heated discussion: Does the revival in the ratio signal a “launch” of the market?

The breakout of this key indicator quickly sparked lively debate within the crypto community. Many traders and investors are closely watching Ethereum’s subsequent price action; among them, crypto community user @pump7x commented under the post: “The revival of the ETH/BTC exchange rate usually means the market is about to get very interesting.”

This view reflects the market’s general expectations: when Ethereum starts outperforming Bitcoin, it often boosts activity in the broader altcoin sector and the spillover effect of capital. Over the next few weeks, whether ETH can further entrench its relative strength versus BTC will become a major focus for the overall direction of the crypto market.