ETH/BTC ratio falls to 10-month low as ether continues to underperform bitcoin
Key takeaways
- On Tuesday, the ratio fell to 0.02835, its lowest level in 10 months and the weakest reading since July 2025.
- The ETH/BTC ratio measures ether’s relative performance against bitcoin across crypto exchanges and is considered a key gauge of market risk appetite.
- The pair peaked above 0.08 in December 2021 before entering a prolonged multi year downtrend.
The ratio remains well below its 200 week moving average of 0.04828, reinforcing the long term bearish trend for ether relative to bitcoin amid continued bitcoin ETF driven outperformance.One widely watched indicator for assessing whether the crypto market is in a bullish or bearish phase is the ether-to-bitcoin (ETH/BTC) ratio.
On Tuesday, the ratio fell to 0.02835, its lowest level in 10 months and the weakest reading since July 2025. The decline comes as ether dropped more than 2% on Tuesday, compared with bitcoin’s decline of just over 1%. The ETH/BTC ratio is now down more than 35% from its August high of 0.04324.
The ETH/BTC ratio measures ether’s relative performance against bitcoin across crypto exchanges and is considered a key gauge of market risk appetite. A rising ratio typically signals that investors are rotating capital into ether and other higher risk crypto assets, reflecting stronger risk sentiment. Conversely, a falling ratio suggests investors are favoring bitcoin’s relative stability and defensive characteristics.