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ETH/BTC ratio falls to 10-month low as ether continues to underperform bitcoin
Widely followed crypto market gauge signals weakening risk appetite as investors continue favoring bitcoin over ether.
May 12, 2026, 10:20 a.m. 2 min read
What to know:
- The ETH/BTC ratio dropped to 0.02835 on Tuesday, its lowest level since July 2025, and is now down more than 35% from its August peak of 0.04324.
- The ratio remains well below its 200 week moving average of 0.04828, reinforcing the long term bearish trend for ether relative to bitcoin amid continued bitcoin ETF driven outperformance.
The ETH/BTC ratio measures ether’s relative performance against bitcoin across crypto exchanges and is considered a key gauge of market risk appetite. A rising ratio typically signals that investors are rotating capital into ether and other higher risk crypto assets, reflecting stronger risk sentiment. Conversely, a falling ratio suggests investors are favoring bitcoin’s relative stability and defensive characteristics.
The pair peaked above 0.08 in December 2021 before entering a prolonged multi year downtrend. Much of the weakness through 2024 and into 2025 was driven by bitcoin’s outperformance following the launch and success of U.S. spot bitcoin ETFs in January 2024, which attracted significant institutional inflows.
