- Ethereum’s performance has been weakened against Bitcoin since 2023, indicating the decreasing interest and capital outflows
- Low open interest and emotional outputs suggest that Ethereum can be achieved for a potential volatile rebound
During the cycle of 2021–2022, Ethereum [ETH] Especially better than Bitcoin [BTC]Encouraged by speculative enthusiasm, important networkup grades and increased activities on the market for derivatives. Traders accumulated in Eth-central futures, bet on his long-term dominance in the midst of the Defi tree and the transition to proof-of-stake.
Since the beginning of 2023, however, the momentum of ETH/BTC has sharply reversed. The weakening performance of Ethereum against Bitcoin is even a sign of a wider shift in market dynamics – a sign of decreasing interest and cautious capital outflows of ETH.
Long -term depreciation signals in ETH/BTC
Data seemed to paint a grim picture of the weakening position of Ethereum in relation to Bitcoin.
Since the beginning of 2023, both the ETH/BTC price ratio and the Perpetual Futures Open Interest Ratio have followed a sharp, persistent decline. By March 2025, the open interest rate dropped to 0.15, while the price ratio fell to just 0.02 – an unmistakable sign of bearish conviction of leverage traders.


Source: Cryptuquant
This is not a volatile correction. Instead, it indicates a deeper shift in market sentiment. Speculants rotate from Ethereum and the decreasing open interest refers to a collapse of the trust of traders.
When derivative markets show persistent disinterest, this often reflects not only lower prices, but also a fundamental revaluation of the role of an active in the wider market.
Fear, emotion and the case for a rebound
While the graphic reflected a sobering decrease in ETH/BTC ratios and open interest, it also lays something important – fear. The sharp fall hinted on not just disinterest, but emotionally driven outputs while investors seek safety in Bitcoin. Such apathy has often marked crucial soils.
Around 2018 and mid-2020, similar phases of capitulation were followed by explosive Ethereum meetings.
What now seems like abandonment could be the emotional reset that precedes accumulation. With less speculative positions and low liquidity, Ethereum can be achieved on volatility. If sentiment changes, even somewhat, the rebound can be quickly and violent. In that light, this decline can be less an end – and more a rolled -up spring.
A set -up for shock recovery
When markets become too one -sided, the volatility thrives. The position of Ethereum, with thin liquidity and low open interest, creates the perfect arrangement for a sharp reversal. The concept of “Max Pain” often marks turning points, where most bet betting further downwards, but are captured by a sudden rally.
If ETH gets back on Momentum, the ETH/BTC ratio can quickly return to 0.07. With positioning at extreme lows, even a small shift in sentiment or a BTC-CoolDown could cause a comeback with high volatility.