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The cryptocurrency market has witnessed diverging performances between its two largest assets, Bitcoin (BTC) and Ethereum (ETH). While Bitcoin has shown signs of recovery, gaining 3.8% over the past two weeks and reclaiming the $85,000 price level, Ethereum has struggled to keep up.
ETH remains below the $2,000 mark, a level it fell below last week, currently trading just above $1,900. The disparity in performance between Bitcoin and Ethereum has drawn attention from analysts, particularly regarding Ethereum’s declining strength against Bitcoin in the derivatives market.
Ethereum’s Decline Against Bitcoin: Key Market Trends
CryptoQuant analyst SunflowrQuant recently analyzed the ETH/BTC market trends, noting that Ethereum has weakened against Bitcoin over the past two years, reflecting a drop in investor confidence and reduced speculative interest in ETH derivatives.
According to SunflowrQuant, during the 2021-2022 period, Ethereum outperformed Bitcoin, signaling strong market interest and increasing activity in Ethereum-based derivatives at the time.
However, since then, the ETH/BTC ratio and open interest have both declined, suggesting that Ethereum has been losing ground against Bitcoin in terms of market dominance.
By March 2025, the open interest ratio of ETH futures had fallen to 0.15, while the ETH/BTC price ratio dropped to 0.02. This indicates that the bearish sentiment around Ethereum continues to dominate the market, as traders and investors shift their focus toward Bitcoin.
The declining open interest in Ethereum perpetual futures contracts further reinforces the idea that traders are showing less speculative interest in ETH compared to BTC.
What This Means for ETH’s Future
Despite ETH’s underperformance, SunflowrQuant suggests that its current weakness may also reflect broader market fear and uncertainty. The analyst points out that crypto markets are often driven by emotions, and when sentiment reaches an extreme low, a rapid recovery could follow.
Such low-liquidity conditions may lead to unexpected price movements, creating opportunities for ETH to regain strength in the ETH/BTC ratio. Historically, market downturns have been followed by periods of strong recovery, and Ethereum’s fundamentals remain intact. The analyst wrote:
Emotional fluctuations and market fear could lead investors to act more cautiously and strategically. We may be at the foundations of new beginnings for Ethereum; just like in previous cycles, after tough times, a strong rebound may occur, reaching new highs.
If investor confidence returns, ETH could potentially reverse its trend, similar to how it performed against Bitcoin in 2021-2022. However, this will likely depend on broader market dynamics, including institutional adoption, ETH’s network upgrades, and Bitcoin’s price stability. SunflowrQuant concluded:
Looking at the price fluctuations in Ethereum, now could be the perfect time to be part of this transformative process. We are at the bottom of potential new beginnings and opportunities for ETH.
Featured image created with DALL=E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
