Ether Sinks to 5-Year Low Against Bitcoin as Risk-Off Mood Dominates Markets
Ethereum’s ether (ETH) is facing one of its toughest years relative to bitcoin (BTC), with the ETH/BTC ratio plunging to levels not seen since May 2020. The ratio currently sits at 0.02191, meaning one ether is worth just over 2% of a bitcoin—its weakest level in nearly five years.
This underperformance is particularly notable as it’s the first time ETH has lagged BTC in the 12 months following a Bitcoin halving event. Since the April 2024 halving, where miner rewards were slashed from 6.25 to 3.125 BTC, bitcoin has surged while ether has faltered—down 39% against BTC in 2025 alone.
Back in 2020, ETH was trading near $200, with BTC below $10,000. Fast forward to today, ETH hovers around $1,800 while bitcoin has soared to over $82,000. Yet the ratio tells a deeper story: ETH’s relative value is slipping, despite both assets appreciating.
Macro pressures appear to be steering investor preference. Rising bond yields, stubborn inflation, and the threat of a new tariff war are all encouraging a flight to safer assets. Gold is hitting record highs, and in crypto, bitcoin is seen as the digital equivalent—leaving ether on the sidelines.
According to Glassnode, this is shaping up to be one of ether’s worst quarters versus bitcoin in years. The last comparable stretch came in Q3 2019, when the ETH/BTC ratio tumbled to 0.0164, a 46% decline over the quarter.
Adding to ether’s woes is the rise of other layer-1 competitors. The SOLETH ratio, which compares Solana’s SOL to ETH, is up 24% year-to-date, sitting at 0.07007. That’s despite SOL itself being down 35% for the year—showing that even amid losses, some tokens are outperforming ETH.
