The closely watched Ethereum-to-Bitcoin (ETH/BTC) ratio has fallen to a 10-month low.
The ratio is a widely watched indicator that’s used by analysts and investors to assess whether the cryptocurrency market is in a bullish or bearish phase.
The ratio is now at its lowest level in 10 months and the weakest reading since July 2025.
The decline comes as Ethereum’s (CRYPTO: $ETH) price dropped more than 2% on May 12, compared with Bitcoin’s (CRYPTO: $BTC) decline of just over 1%.
The ETH/BTC ratio is down more than 35% from its August 2025 high.
The ratio measures Ethereum’s relative performance against Bitcoin and is considered a key gauge of investors’ risk appetite.
A rising ratio signals that investors are rotating capital into Ethereum and other higher risk cryptocurrencies, reflecting stronger risk sentiment.
Conversely, a falling ratio suggests investors are favoring Bitcoin’s relative stability and safety, signalling more bearish sentiment.
The ETH/BTC ratio peaked in December 2021 at the height of the last crypto bull market. It has since been in a multi-year downtrend.
Much of the weakness has been driven by Bitcoin’s outperformance following the launch of popular U.S. spot BTC ETFs in January 2024, which has attracted large investor inflows.
The ratio bottomed in April 2025 during the market turmoil surrounding U.S. President Donald Trump’s tariff announcements.
The ETH/BTC ratio remains substantially below its 200-week moving average, reinforcing the view that Ethereum remains in a bear market relative to Bitcoin.
BTC is currently trading at $80,850 U.S. ETH is at $2,290 U.S.
