ETH/BTC hits multi-year low as traders flee to Bitcoin – All you need to know! | During the 2021–2022 cycle, Ethereum (ETH) outperformed Bitcoin (BTC) due to network upgrades and increased derivatives activity, particularly in perpetual futures. However, since early 2023, ETH has struggled against BTC, indicating a shift in market dynamics with declining interest and capital outflows from ETH. By March 2025, the ETH/BTC price ratio and perpetual futures open interest dropped significantly, reflecting bearish sentiment among traders and a collapse in confidence.

This downturn signals not just disinterest, but emotional exits as investors flock to Bitcoin. Historically, similar capitulation phases preceded significant Ethereum rallies, suggesting that current abandonment could catalyze accumulation. With reduced speculative positions and low liquidity, Ethereum is positioned for potential volatility.