Ethereum (ETH) has drawn the attention of institutional investors in recent months, especially in July and August. This growing adoption allowed cryptocurrency to reach a new historic summit. At the same time, Ethereum has underperformed compared to Bitcoin, as shown in the ETH/BTC ratio, which measures the value of an ETH in BTC.
In short
- The ETH/BTC ratio remained under 0.05 for 14 consecutive months, reaching prolonged hollows.
- The annual average fell to 0.027 in 2025, its lowest level in five years.
- The activity of the network remains high, a sign of resilience despite an undersea relating to bitcoin.
The ETH/BTC ratio reaches prolonged hollows
A Coingecko report shows that the ETH/BTC ratio remained under 0.05 for 14 consecutive months, after having passed under this threshold at the end of July of last year. The previous longest period under 0.05 had lasted around 33 months, from August 2018 to April 2021.
In 2025, the annual average of the ETH/BTC ratio fell to 0.027, its lowest level in five years, comparable to the levels observed during the 2019–2020 lower market. Coingecko attributes this decrease to continuous institutional support in favor of bitcoin and to the evolution of altcoin trading trends.
This drop was accompanied by a fall in the prices of Ethereum, fell to $ 1,471 on April 9, 2025, pushing the ETH/BTC ratio under 0.02, An unprecedented threshold since February 2020. The indicator then rebounded at 0.04 on August 23, while Ethereum reached a new summit of $ 4,946. After a modest correction of 6 % since this record, the ratio is currently at 0.039.
Between July and August, Ethereum recorded a spectacular rebound of more than 100 %. This rally was fueled by the integration of Ethereum into the reserves of financial institutions, by an increasing interest of investors via the ETF, as well as by awareness campaigns of the Ethereum Foundation with major market players.
Coingecko estimates that if the ETH/BTC ratio dates back 0.05 while Bitcoin is exchanged between $ 100,000 and $ 124,000, Ethereum could reach new heights between $ 5,000 and $ 6,200.
From an outperformance to an underperformance
In April, market analyst James Check recalled on x thatEthereum had clearly outperformed the bitcoin Between the end of 2015 and mid-2017. During this period, the ETH/BTC ratio had reached a peak and the majority of trading days were profitable for ETH holders compared to the BTC.
Since the end of 2020, Bitcoin has however returned to its domination and the ETH/BTC ratio has been declining. Result: most trading days have become less favorable to Ethereum investors compared to Bitcoin.
Ethereum remains resilient despite market challenges
Even underperforming against Bitcoin, Ethereum continues to show signs of solidity. Institutional investors strengthen their positions and network activity remains dynamic. Cryptocurrency data highlights several trends ::
- The assets of Ethereum funds have doubled since April 2025 to reach 6.5 million ETH.
- Large portfolios (between 10,000 and 100,000 ETH) now control more than 20 million ETH, confirming the strong involvement of large holders.
- Stoking has reached a record of 36.15 million ETH, which reflects a long -term commitment, reduces the supply in circulation and could slow down new flows if the price dynamics are weakening.
- The activity on the network remains supported, with a record number of active transactions and addresses, and more than 12 million daily calls for smart contracts.
At the time of the editorial staff, the ETH is exchanged at $ 4,639, slightly with an approximately 1 % over 24 hours. Despite its sub-performance of recent years against Bitcoin, the second largest cryptocurrency retains solid growth prospects, given the current market indicators.
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