"Ethereum, pushed back by Bitcoin"...ETH/BTC Ratio Hits 10-Month Low

▲ Bitcoin (BTC), Ethereum (ETH), US Dollar (USD)/ChatGPT generated image

An analysis suggests that investor sentiment in the cryptocurrency market has turned conservative, as the ETH/BTC ratio, which indicates the relative strength of Ethereum (ETH) and Bitcoin (BTC), has fallen to its lowest level in 10 months.

CryptoProOwl reported on May 12 (local time) that the ETH/BTC ratio dropped to its lowest level since July 2025. This indicator is a key benchmark for showing how strong Ethereum's trend is compared to Bitcoin, and in the market, it is used to gauge risk appetite and the altcoin rotation cycle.

This decline occurred as Ethereum's price fell by more than 2% on May 12, while Bitcoin's decline was slightly over 1%. The ETH/BTC ratio has fallen by more than 35% from its peak recorded in August 2025. This is interpreted to mean that investors are increasingly favoring Bitcoin over the relatively more volatile Ethereum.

When the ETH/BTC ratio rises, it is seen as a signal of funds moving into Ethereum and other high-risk digital assets. Conversely, when the ratio falls, it means investors are shifting towards Bitcoin, which is historically considered a more stable asset. CryptoProOwl stated that this drop in the ratio reflects a cautious investment sentiment across the cryptocurrency market.

The backdrop to Ethereum's weakness is Bitcoin's sustained relative dominance. Bitcoin has consistently attracted institutional and retail investor funds since the launch of its spot ETF in the US in January 2024. In contrast, Ethereum has failed to show a clear rebound in its relative performance against Bitcoin and continues its long-term downtrend.

Technically, the ETH/BTC ratio is also significantly below its 200-week moving average. This reinforces the analysis that Ethereum remains in a long-term bearish phase compared to Bitcoin. The ratio previously formed a low in April 2025, which coincided with increased volatility in global financial markets after then-US President Donald Trump's tariff announcement.

According to CryptoProOwl, Bitcoin recently traded at $80,850 and Ethereum at $2,290. As the price trends of the two assets diverge, funds in the cryptocurrency market continue to be concentrated around Bitcoin.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*