The cryptocurrency market has experienced divergent performances between its two largest assets, Bitcoin (BTC) and Ethereum (ETH). While Bitcoin has shown signs of recovery, winning 3.8% in the last two weeks and recovering the price level of $ 85,000, Ethereum had trouble following.
The ETH remains below the $ 2,000 mark, a level it fell below last week, currently negotiating just above $ 1,900. The disparity of the performance between Bitcoin and Ethereum drew the attention of analysts, in particular with regard to the drop in the force of Ethereum against Bitcoin on the derivative market.
The decline of Ethereum against Bitcoin: key market trends
The cryptocurrency analyst, Sunflowroche, recently analyzed ETH / BTC market trends, noting that Ethereum has weakened against Bitcoin in the past two years, reflecting a drop in investors’ confidence and reduces the speculative interest in ETH derivatives.
According to Sunflowrocker, during the period 2021-2022, Ethereum surpassed Bitcoin, signaling a strong market interest and increasing activity in derivatives based on Ethereum at the time.
However, since then, the ETH / BTC ratio and the open interest have both decreased, suggesting that Ethereum has lost ground against bitcoin in terms of market domination.
In March 2025, the ratio of open interest in term contracts on ETH fell to 0.15, while the ETH / BTC price ratio fell to 0.02. This indicates that the lowering feeling around Ethereum continues to dominate the market, because traders and investors focus on bitcoin.
The drop in interests open in perpetual term contracts Ethereum further strengthens the idea that traders show less speculative interest in ETH compared to the BTC.
What it means for the future of Eth
Despite ETH’s underperformance, Sunflowrochernant suggests that its current weakness can also reflect a broader fear and uncertainty of the market. The analyst stresses that cryptographic markets are often fired by emotions, and when feeling reaches a weak low, rapid recovery could follow.
Such low liquidity conditions can lead to unexpected price movements, creating opportunities for the ETH to find the strength of the ETH / BTC ratio. Historically, market slowdowns have been followed by solid recovery periods and the fundamentals of Ethereum remain intact. The analyst wrote:
Emotional fluctuations and fear of the market could lead investors to act more carefully and strategically. We can be at the foundations of the new beginnings for Ethereum; Just like in the previous cycles, after difficult times, a strong rebound can occur, reaching new heights.
If investors’ confidence returns, ETH could potentially reverse its trend, similar to its operation against Bitcoin in 2021-2022. However, this will probably depend on a broader market dynamic, in particular institutional adoption, upgrades of the ETH network and the stability of bitcoin prices. SUNFLOWRATURE concluded:
Looking at price fluctuations in Ethereum, could now be the ideal moment to be part of this transformative process. We are at the bottom of the new potential beginnings and opportunities for ETH.
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