Ether-Bitcoin Ratio Slides to Lowest Since April 2021. Here's Why

Several factors, such as uncertainty about the launch of spot ETH ETF in the U.S. and the growth of Ethereum-killers like Solana, are responsible for ether’s underperformance.ETH/BTC slipped to 0.04563 on crypto exchange Binance soon before press time, reaching the lowest since April 2021, according to charting platform TradingView. This year, the ratio has declined nearly 16%, indicating a bias for bitcoin or the leading cryptocurrency by market value.

“The approval of spot bitcoin ETFs in the U.S. has reinforced bitcoin’s store-of-value narrative and its status as a macro asset. On the other hand, open questions about ETH’s fundamental positioning within the crypto sector remain. Competing layer-1s like Solana detract from Ethereum’s positioning as the 'go-to' network for decentralized app deployment,” Coinbase Institutional’s Research analyst David Han said in a note Wednesday.

Approval of spot ETFs tied to ether will open a similar pool of capital for Ethereum’s native token, although it’s unclear when the SEC will approve it.10% chance of the SEC approving a spot ETF on or before May 31. The regulator has until May 23 to decide whether to approve or reject VanEck’s application to launch a spot Ethereum ETF. The deadline for BlackRock’s application is June 23.

Ilan Solot, co-head of digital assets at Marex Solutions, said ether is a"lightning rod" for negative sentiment from crypto native and external players and has several weak spots.

Source: Digital Coin News (digitalcoinnews.net)

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