ETH performance has suffered from weaker investor demand compared to BTC. The ETH/BTC ratio has dropped by 75% from 0.080 at The Merge (September 2022) to 0.0196 today — the lowest level since January 2020, with only 500 out of 3531 trading days recording lower values. Unlike typical bull markets, this cycle has seen no significant periods where ETH outperformed BTC, marking an unusual deviation from historical patterns.

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