The ETH/BTC ratio has dropped to 0.02193 — its lowest level in nearly five years — signalling Ethereum's continued underperformance relative to Bitcoin, according to analyst James Van Straten on March 31.
Ethereum has declined 39% against Bitcoin year-to-date, marking one of its weakest quarters since Q3 2019. Historically, Ethereum has outperformed Bitcoin in the aftermath of previous Bitcoin halvings. However, this cycle appears to be bucking the trend, with the ETH/BTC ratio down more than 50% over the past 12 months.
