Since July 2024, the ETH/BTC ratio—which measures the price of Ethereum (ETH) relative to Bitcoin (BTC)—has remained below the threshold of 0.05. Despite Ethereum’s strong rallies, institutional interest, and network developments, the ratio has not managed to climb back above this level.
Here are the major insights, context, and what might lie ahead.
What is the ETH/BTC Ratio?
The ETH/BTC ratio is simply the price of Ether divided by the price of Bitcoin. If the ratio increases, that means ETH is gaining value relative to BTC (not just in absolute USD terms). If it’s falling or staying low, Bitcoin is holding strength relative to Ethereum. This ratio serves as a gauge for which crypto is performing better in relative terms.
Key Facts & Trends
- Below 0.05 Since July 2024
According to research from CoinGecko and other sources, this ratio last closed above 0.05 around late July 2024. Since then, it’s consistently stayed beneath that mark. - Current Level ~0.039–0.040
As of the latest data, the ETH/BTC ratio is roughly 0.039 (or about 0.04) after a brief rise in August. - Historical Highs & Lows
- The all-time high for ETH/BTC was around 0.14 in June 2017 during the ICO boom.
- Earlier this year (March 2025), the ratio plunged to near 0.02, a 5-year low, amid macroeconomic uncertainty.
- Ethereum’s Dollar Gains vs. Relative Weakness
Although USD-priced ETH has had major rallies—up over 150% since July in some reports, and even hitting new all-time highs in USD terms—the ETH/BTC ratio tells a different story: ETH is strengthening against fiat or overall market trends more than it is against BTC. - Bitcoin Resilience & Institutional Support
Bitcoin continues to benefit from strong institutional adoption, which helps maintain its dominance not just in USD value but in relative strength vs ETH. Also, many market participants still view BTC as a safer “store of value” in turbulent macroeconomic periods. This resilience has put upward pressure on BTC’s price, making it harder for ETH to outperform in the ETH/BTC ratio.
Why Has ETH Not Broken Above 0.05?
- Macro‐Uncertainty: Global economic risk (e.g. trade tensions, interest rate policies) tends to favor “safer” assets; Bitcoin often benefits in such environments more than altcoins do.
- Altcoin Rotation & Liquidity Flows: Capital flows among altcoins, and ETH must compete with many other projects. Even strong performance in USD doesn’t automatically translate into relative outperformance vs BTC.
- Psychological & Technical Resistance: The 0.05 ratio level appears to act as a psychological barrier. Traders often view it as a key level for ETH to prove strength vs BTC. Breaking above could trigger more momentum, but until that happens, BTC retains a “lead.”
- Bitcoin’s Institutional Adoption: As more institutions buy or hold Bitcoin (for treasury purposes, ETFs, etc.), demand strengthens, making it harder for ETH to shift the balance. Cointelegraph
Possible Catalysts for a Ratio Breakout
If ETH were to regain 0.05 vs BTC, several conditions might help:
- Major upgrades or improvements in Ethereum’s network that significantly reduce gas fees, improve scalability, or open up strong new use cases.
- Strong institutional flows into ETH (for ETF exposure, for example) that outpace BTC inflows.
- A decline in macro risk, allowing alternative assets like ETH to be favored more.
- Weakness or corrections in Bitcoin’s price (or slower growth) could make ETH look relatively stronger.
What Does This Mean for Traders & Investors?
- For traders, watching the ETH/BTC ratio offers clues about which crypto might outperform. A move above 0.05 could signal shift in momentum.
- For long-term ETH holders, even if ETH is rising in USD terms, this ratio suggests there is still catch-up to do relative to BTC.
- For portfolio allocation, depending on risk tolerance, one might consider adding ETH if signs of breakout appear, but with caution given the historical resistance.
Historical Precedents
- The ratio was last above 0.05 throughout 2022–2023, before starting its decline in 2024. CoinGecko+1
- The longest stretch ETH/BTC stayed below 0.05 previously was ~33 months (Aug 2018 to April 2021). The current stretch (14 consecutive months as of Sept 2025) is significant, but still not at previous standout bears. CoinGecko
Outlook
It’s uncertain when or if ETH/BTC will reclaim 0.05 in the near term. But market forces are aligning such that a breakout is possible if conditions favor Ethereum’s utility, adoption, or if Bitcoin’s dominance faces headwinds.
Traders and investors should monitor macroeconomic cues, Ethereum network developments, institutional flows, and Bitcoin price performance. These will likely be the factors that decide whether the ETH/BTC ratio remains stuck or begins a bullish reversal.
Conclusion
The ETH/BTC ratio has remained below 0.05 since July 2024, even as Ethereum has seen strong price gains in USD and increased institutional interest. This persistent relative weakness reflects Bitcoin’s continued strength in both market perception and institutional flows. A breakout above this level would mark a significant shift—but whether that comes soon depends on both internal developments for Ethereum and external pressures on Bitcoin.
