ETH's underperformance stems from weaker investor demand this cycle. Since The Merge (September 2022), the ETH/BTC ratio has plummeted 75% from 0.080 to 0.0196 - its lowest level since January 2020, with only 14% of trading days historically showing lower values. Unlike previous bull markets, this cycle has seen no extended periods of ETH outperforming BTC, marking an unusual break from historical patterns.
