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 level since January 2020, with only 500 of the 3,531 trading days recording lower values. Unlike typical bull markets, this cycle has not seen substantial periods where ETH has outperformed BTC, marking an unusual departure from historical patterns.