Van Straten Highlights Ether’s Struggles Against Bitcoin as Part of a Broader Declining Cycle.

Ethereum’s Struggles Against Bitcoin Show Pattern of Fading Returns, Analyst Notes

Ether (ETH) has posted its weakest performance against bitcoin (BTC) in any bull cycle since Ethereum’s inception, suggesting a broader shift in market dynamics rather than a fundamental flaw in ETH itself.

Historical data tracking ether-to-bitcoin ratios across past cycles highlights a recurring trend of diminishing relative gains. The current cycle—beginning in November 2022 when BTC hit a low of $15,500 following the FTX collapse—has seen ether consistently lose ground to bitcoin.

On Wednesday, the ETH/BTC ratio slipped below 0.0300, reaching 0.02993—its lowest level in four years. The previous low was recorded on January 19, just before President Trump’s inauguration. Over the past month, the ratio has dropped 15%, extending a 44% decline over the past year.

At present, bitcoin trades around $105,000, recovering from a dip to $98,000 linked to the launch of DeepSeek, a Chinese AI program. Ether, currently at $3,202, would need to climb to roughly $3,360 to erase recent losses.

Bitwise’s European research head, Andre Dragosch, argues that the ETH/BTC ratio slump is less about Ethereum’s weakness and more about bitcoin’s growing market dominance. “Ether finds itself in a tough spot—it’s neither as scalable as emerging smart contract competitors like Solana (SOL) nor does it rival bitcoin as the ultimate store of value,” Dragosch said.