ETH/BTC hits multi-year low as traders flee to Bitcoin – All you need to know! – BitRss

• Ethereum’s performance has weakened against Bitcoin since 2023, signaling declining interest and capital outflows
• Low Open Interest and emotional exits suggest Ethereum may be primed for a potential volatile rebound

During the 2021–2022 cycle, Ethereum [ETH ($1,917.70)] notably outperformed Bitcoin [BTC ($84,452.87)], buoyed by speculative enthusiasm, major network upgrades, and elevated activity in the derivatives market. Traders piled into ETH perpetual futures, betting on its long-term dominance amid the DeFi boom and the transition to proof-of-stake.

However, since early 2023, the momentum of ETH/BTC has sharply reversed itself. In fact, Ethereum’s weakening performance against Bitcoin is a sign of a broader shift in market dynamics – One marked by declining interest and cautious capital outflows from ETH.

Long-term depreciation signals in ETH/BTC

Data seemed to paint a stark picture of Ethereum’s weakening position relative to Bitcoin.

Since early 2023, both the ETH/BTC price ratio and the perpetual future…