- ETH has fallen to its weakest point in almost four years against BTC.
- BTC is trading around $63,000, while ETH is trading around $2,500 at the time of writing.
Bitcoin [BTC] and ether [ETH] have faced significant price challenges in recent months, with occasional spikes pushing them to new highs.
However, despite these similarities, recent data shows that ETH has weakened against BTC. Furthermore, traders have reacted differently to the launch of ETFs for both assets, with BTC being favored over ETH.
Ethereum is trading at a 40-month low against Bitcoin
According to recent data from InTheBlokEthereum is trading at its lowest level against Bitcoin in more than 40 months. Analysis of the ETH/BTC pair on Coinbase indicates a clear bearish trend, with ETH trading at 0.04044 BTC, down 0.25%.
Source: TradingView
Furthermore, the 50-day moving average (yellow) is below the 200-day moving average (blue) and forms a Death Cross: a bearish signal indicating a long-term downtrend
. The price action shows a steady decline characterized by lower highs and lower lows, reinforcing Ethereum’s ongoing weakness against Bitcoin.
Bitcoin is getting stronger against Ethereum
The BTC/ETH pair on Vantage shows Bitcoin’s recent strength against Ethereum, with the price at 24.7097 ETH, down slightly by 0.04% but still in a strong bullish trend.
The main feature on the chart is the Golden Cross, where the 50-day moving average (yellow) has crossed the 200-day moving average (blue), indicating a long-term upward trend.
Source: TradingView
Price action confirms this momentum, with a series of higher highs and higher lows, indicating Bitcoin’s continued dominance over Ethereum.
ETF Flows: Bitcoin Outpaces Ethereum
ETF flows further highlight the contrasting market sentiment between the two assets. According to data from Spot on chainBitcoin ETFs saw inflows of about $92 million this week, compared to just $2.9 million for Ethereum.
Cumulatively, Bitcoin ETFs recorded total inflows of over $397 million, with positive flows on four out of five trading days. Ethereum ETFs recorded negative total flows of -$26.2 million, with inflows on only two out of five days.
Data from Soso value further underlines the trend, showing that the cumulative total net flow for US spot Bitcoin ETFs is positive at approximately $17.7 billion.
In contrast, US spot Ethereum ETFs have negative net flows of approximately $607 million. This data reflects a clear preference among traders for Bitcoin over Ethereum, not only in terms of price action but also in terms of ETF investments.
Read Ethereum (ETH) Price Prediction 2024-25
BTC continues to outperform ETH
In conclusion, Ethereum has recently lost significant ground against Bitcoin, with bearish trends dominating trading against BTC. The different market reactions to their respective ETFs further underscore Bitcoin’s current strength and investor preference.
As traders continue to favor Bitcoin ETFs and the BTC/ETH ratio remains in Bitcoin’s favor, Bitcoin’s bullish momentum could continue while Ethereum faces continued challenges in regaining its footing.