One widely followed indicator to assess whether the crypto market is in a bullish or bearish phase is Ether vs. 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 fell more than 2% on Tuesday, compared to Bitcoin’s decline of just over 1%. of $ETH/$BTC This ratio is now down more than 35% from its August high of 0.04324.
of $ETH/$BTC This ratio measures the relative performance of Ether against Bitcoin across crypto exchanges and is considered an important indicator of market risk appetite. An increase in this ratio typically indicates that investors are directing capital to Ether and other high-risk crypto assets, reflecting stronger risk sentiment. Conversely, a decline in the ratio suggests that investors like Bitcoin’s relative stability and defensive characteristics.
The pair peaked above 0.08 in December 2021 and then entered a long multi-year downtrend. Much of the 2024-2025 downturn was caused by Bitcoin’s outperformance following the launch and success of the US Spot Bitcoin ETF in January 2024, which attracted large inflows from institutional investors.
The ratio ultimately bottomed out at 0.01770 in April 2025 amid market turmoil over President Trump’s “Emancipation Day” tariff announcement. It then rebounded sharply, rising about 135% in late 2025 before getting back on track. Despite this recovery, the ratio has fallen a further 35% from recent highs.
Technically, $ETH/$BTC This ratio is well below its 200-week moving average, which is currently 0.04828, reinforcing the view that Ether is in a long-term bear market versus Bitcoin.
