analyst James Van Straten stated that the ETH/BTC ratio has dropped to 0.02193, reaching the lowest level in nearly five years. This indicates that Ethereum has fallen by 39% compared to Bitcoin this year, marking the first time Ethereum has underperformed Bitcoin in the following 12 months after a Bitcoin halving event.

In previous Bitcoin halving cycles, Ethereum has typically outperformed Bitcoin in the first year after the halving. However, the situation after this halving event is quite the opposite, with the ETH/BTC ratio dropping by over 50% in one year. This is one of the worst quarters for Ethereum relative to Bitcoin since the third quarter of 2019, when the ratio dropped to 0.0164, a decrease of 46% compared to the previous quarter.