The ratio of $BTC /$ETH is an important metric that shows the value of Bitcoin against Ethereum. In recent months, this ratio has favored Bitcoin; that is, Ethereum has performed weaker compared to Bitcoin.
So why?
* Impact of spot Bitcoin ETFs: Spot Bitcoin ETFs, approved in January, attracted a significant portion of institutional capital directly into Bitcoin. This increased Bitcoin's market dominance while putting pressure on altcoins and thus on Ethereum. There was also anticipation for a spot Ethereum ETF, but these approvals came later.
* Decrease in network activity and competition: Some activity data on the Ethereum network has declined. Additionally, the emergence of other layer 1 blockchains and layer 2 solutions like Solana has partially diverted attention from Ethereum and increased competition by offering lower fees and better scalability.
* Institutional accumulation differences: The narrative of Bitcoin as "digital gold" and the increasing concentration of institutional investors in Bitcoin have relatively diminished the appeal of Ethereum in this process.
In summary, strong support for Bitcoin from ETFs, competition from other networks, and the dynamics specific to Ethereum have led to a balance trend of $BTC /ETH in favor of Bitcoin in recent months.
Time will tell if this situation will change with the approval of spot Ethereum ETFs.