The ETH/BTC ratio has fallen to a five-year low

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

In previous Bitcoin halving cycles, Ethereum usually outperforms Bitcoin within the first year after halving. However, this time it's quite the opposite with the ETH/BTC ratio dropping more than 50% within a year. This is one of Ethereum's worst performances relative to Bitcoin since Q3 of 2019 when this ratio had once dropped to 0.0164, down by 46% quarter-on-quarter.