A closer look at the ETH/BTC ratio since its cycle low in June 2022 shows a continuous series of lower lows. In previous cycles, such as 2016-2019 and 2019-2022, the ETH/BTC ratio was at least 200% higher than the cycle low at that point. However, the current ratio is 25% below its June 2022 cycle low, highlighting ether’s underperformance relative to bitcoin.
