According to GlassNode data, the combined annual growth rate (CAGR) for Bitcoin (BTC) for four years fell to the lowest recorded level of 8%.
Four years also captured a typical Bull/Bear Market cycle that was chosen for half the cycle of Bitcoin (BTC) and tended to follow a similar time frame.
Four years ago, in March 2021, Bitcoin was trading around $60,000 near the peak of the previous market cycle. The CAGR reduction is Bitcoin volatility and is expected to return over time as assets mature.
However, this metric relies heavily on the reference point. In 2021, Bitcoin had a blow-off top early in the cycle, but in March 2025, $80,000 could mark the cycle bottom.
The ether (ETH)-to-Bitcoin (ETH/BTC) ratio entered the negative CAGR region at 6%, reflecting a decline in the performance of Ethereum native tokens compared to Bitcoin. This decrease is primarily due to the fact that ether prices remained essentially flat from February 2021 onwards. This is currently under $2,000.
Currently, the ETH/BTC ratio is 0.024, marking the lowest level since the second half of 2020.
eth/btc 4yr cagr (glassnode)
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