An Unprecedented Drop in the ETH/BTC Ratio since 2020
The gap between the performances of Ethereum (ETH) and Bitcoin (BTC) has reached a critical level. The ETH/BTC ratio has fallen to 0.02191, marking a level unseen since May 2020, when ETH was trading around $200 while Bitcoin flirted with $10,000. In March 2025, these levels are radically different: around $1,800 for ETH and over $82,000 for BTC. Yet, the relative momentum clearly favors Bitcoin, confirming a shift in investor confidence towards assets perceived as safer.
A Historic Underperformance Following the Halving
Ethereum has never underperformed to this extent in the twelve months following a Bitcoin halving. This cycle, which began in April 2024 with the reduction of mining rewards to 3.125 BTC per block, breaks with the previous ones. In the cycles of 2012, 2016, and 2020, ETH had always outperformed BTC in the year following the halving. In 2025, the trend has reversed: ETH has dropped 39% against Bitcoin, and the ratio has lost over 50% of its value.
The Macro-Economic Climate Calls for Caution
This market anomaly can be largely explained by the uncertain macro-economic climate. The threat of a trade war fueled by tariffs, persistent inflation, and high bond yields are prompting investors to favor safe-haven assets.
Gold has reached historic highs. In the crypto market, it is Bitcoin — more liquid, older, and institutionally more accepted — that plays the role of a safe-haven asset. Ethereum, despite its dominant position in decentralized applications, is experiencing relative disinterest.
A Drop Comparable to 2019
According to Glassnode data, Ethereum has just had one of its worst quarters against Bitcoin in several years. It is necessary to go back to the third quarter of 2019 to find a similar situation: the ETH/BTC ratio had fallen to 0.0164, marking a quarterly decrease of 46%. The repetition of this dynamic in 2025 reinforces the idea of a structural weakness of ETH in a market context that is more risk-averse.
Solana Establishes Itself in the Face of Ethereum
The decline of Ether is not limited to its performance against Bitcoin. Other layer 1 blockchains, like Solana, are also taking advantage of it. The SOL/ETH ratio, which measures the value of SOL compared to ETH, has risen by 24% since the beginning of the year, reaching 0.07007. This is despite a 35% drop in the price of SOL in 2025. This illustrates the extent of the lack of love for Ethereum, even in the face of a struggling competing ecosystem.
