The ETHBTC ratio did not go down because of ”The Merge”

The ETHBTC ratio collapsed because:

societal value rotation out of "feminized wef soyboys in unicorn
into "bronze age mindset" broadly

ethereum always occupied a vertical more prone to competition

l2s confused the ETH asset value capture narrative and caused network fragmentation

eth does not have a saylor buyer

bitcoin and gold are maturing into wartime assets whereas the peacetime asset ETH struggles

ETH also struggles to even look nerdy/smart/futuristic compared to AI which is the new hot ball of money for that investor type

ethereum also stagnated into a depressingly small number of defi primitives relative to what past expectations were

*Not* the merge