ETH/BTC ratio falls to 10-month low as ether continues to underperform bitcoin

The ETH/BTC ratio dropped to 0.02835 on May 12, 2026 — a 10-month low — signaling that investors are favoring bitcoin over ether and reflecting weakening crypto risk appetite. Ether fell just over 2% on the day while bitcoin declined about 1%, leaving the ratio more than 35% below its August peak of 0.04324. The metric remains well under its 200-week moving average (0.04828), underscoring a longer-term underperformance of ether versus bitcoin, a trend linked in the article to strong institutional inflows into spot bitcoin ETFs. Market impact: rotation into bitcoin and defensive positioning may continue to pressure ether and support bitcoin outperformance.