ETH's performance has suffered from lower investor demand compared to #BTC . The ETH/$BTC ratio has fallen 75% from 0.080 at The Merge (September 2022) to 0.0196 today - the lowest since January 2020, with only 500 of 3,531 trading days recording lower values. Unlike typical bull markets, this cycle has lacked any substantial periods where $ETH outperformed BTC, marking an unusual deviation from historical patterns.