The highly watched ETH/BTC exchange rate has fallen to its lowest level in 10 months.
This ratio is a closely watched metric used by analysts and investors to determine whether the cryptocurrency market is in a bull or bear phase.
This ratio is currently at its lowest level in 10 months and the lowest reading since July 2025.
This decline comes as Ethereum (CRYPTO:Ethereum) fell over 2% on May 12, while Bitcoin prices dropped more than 2%. $BTC declined slightly over 1%.
The ETH/BTC exchange rate has dropped more than 35% from its peak in August 2025.
This ratio measures Ethereum's performance relative to Bitcoin and is considered an important indicator of investor risk appetite.
The rising ratio indicates that investors are shifting funds toward Ethereum and other high-risk cryptocurrencies, reflecting increased risk appetite.
Conversely, a declining ratio indicates that investors are favoring Bitcoin's relative stability and security, signaling heightened bearish sentiment.
The ETH/BTC exchange rate peaked in December 2021, during the height of the previous cryptocurrency bull market. Since then, the rate has been in a multi-year downtrend.
Bitcoin's weakness is largely due to its strong performance following the launch of the popular spot BTC ETF in the United States in January 2024, which attracted significant investor capital inflows.
This ratio hit its low in April 2025, during a period of market turmoil triggered by U.S. President Donald Trump’s announcement of new tariffs.
The ETH/BTC ratio remains well below its 200-week moving average, further confirming that Ethereum is still in a bearish phase relative to Bitcoin.
Bitcoin is currently trading at $80,850, and Ethereum is trading at $2,290.