The ETH/BTC ratio dropped to a five-year low of 0.02193. Ether has fallen 39% relative to bitcoin this year. It's the first time ETH has underperformed BTC in the 12 months after a bitcoin reward halving. The last time ether underperformed bitcoin to a similar degree was in the third quarter of 2019, when the ratio dropped to 0.0164, a quarterly decline of 46%.