Ether (ETH) has dropped 39% this year compared to Bitcoin (BTC), the largest cryptocurrency that takes the relationship between the two to the lowest in almost five years, as a more risky macroeconomic environment weighs the second largest cryptocurrency.

At the current level, 1 ETH equivalent corresponds to 0.02191 BTC. It’s at least since May 2020 when ether traded about $ 200 and Bitcoin just under $ 10,000. Today, the ETH price is about $ 1,800 and the BTC price about $ 82,000.

The underpretation is remarkable because it is the first time ether has weakened against Bitcoin in the 12 months after a BTC rewarding. On April 20, 2024, the payment bitcoin miner workers received for confirmation of blocks on blockchain were reduced by 50% to 3,125 BTC.

In earlier half -cycling, Ether Bitcoin surpassed in the first year after a halving. This time the relationship has fallen by more than 50%.

This is partly due to the threat of a customs trade war, sustained inflation and increased bonds providing globally driven investors to assets that are seen as more liquid and less risky. Gold, the ultimate refuge, has climbed up to detect heights, and in the cryptocurrency market, Bitcoin is seen as a safer effort than Ether.

This relative performance also marks one of Ether’s worst quarterly performances against Bitcoin in several years, according to data from Glassnode. The last time Ether underpinned Bitcoin was to a similar extent in the third quarter of 2019, when the ratio fell to 0.0164, a quarterly fall of 46%.

This current decline mirrors the subprertion, which was seen in 2019, highlighting further Ether’s relative weakness, especially compared to other LAG-1 assets. The Soleth Relationship Measurement of the Value of Solana’s Sun compared to Ether-Ers increased 24% years to date to 0.07007. This indicates that Sol has significantly surpassed Ether in 2025, despite the fact that the token itself is down with 35% years to date.

Update (31 March, 9:25 UTC): Adds macroeconomic environment in the fifth paragraph.