Ether (ETH), the second largest cryptocurrency, has fallen out of the investor compared to Bitcoin (BTC), returning the worst bull cycle performance against its larger rival since Ethereum Blockchains in its inception in 2015.

A comparison of the relationship with ether to Bitcoin across previous cycles from tokens’ respective low showing consistent underprestiation. The black line in the diagram above represents the current cycle that started in November 2022, when Bitcoin tied to about $ 15,500 during the collapse of the Crypto Exchange FTX. With each cycle, Ether’s return to Bitcoin is diminished.

On Wednesday, the ratio fell below 0.0300 to touch 0.02993, a four -year low. The previous low was registered on January 19, one day before President Trump’s inauguration. This month the ratio – the exchange rate between the two largest cryptocurrencies – is down 15%. It has fallen 44% in the past year.

Bitcoin is currently trading around $ 105,000, after recovering from the decline to $ 98,000 caused by the release of Deepseek, a Chinese artificial intelligence (AI) program. Ether, currently at $ 3,202, should reach approx. $ 3,360 to undo Deepseek damage.

“My general roof is that ether to the Bitcoin relationship underpretesty is due to a strength on Bitcoin rather than a weakness of ether,” said Andre Dragosch, head of research at Bitwise’s European Desk. “Ether tends to suffer from ‘Middle Child Syndrome’, it’s not as scalable as smart contract competitors like Solana (Sun), while it doesn’t really compete with Bitcoin as the primary store-of-value.”