- Ethereum hits its weakest point in nearly four years against Bitcoin.
- Currently, Bitcoin trades at about $63,000, while Ethereum is around $2,500.
Bitcoin (BTC) and Ethereum (ETH) have experienced significant price fluctuations over recent months. While both assets have occasionally surged to new highs, the overall market sentiment has been challenging.
Despite these similarities, the data reveals that Ethereum has been losing ground to Bitcoin. Notably, traders have shown a stronger preference for Bitcoin ETFs over Ethereum ETFs.
Ethereum Hits 40-Month Low Against Bitcoin
According to data from IntoTheBlock, Ethereum is trading at its lowest level against Bitcoin in over 40 months. On Coinbase, the ETH/BTC pair shows a clear bearish trend, with ETH trading at 0.04044 BTC, marking a 0.25% decline.
Source: TradingView
Additionally, the 50-day moving average (yellow) falling below the 200-day moving average (blue) indicates a “Death Cross,” a bearish signal suggesting a prolonged downtrend. The continual decline with lower highs and lower lows further underscores Ethereum’s current weakness relative to Bitcoin.
Bitcoin’s Strength Over Ethereum
On Vantage, the BTC/ETH pair shows Bitcoin’s strength, trading at 24.7097 ETH. Despite a slight 0.04% decline, the bullish trend remains robust. The Golden Cross, marked by the 50-day moving average crossing above the 200-day moving average, points to a long-term upward trend for Bitcoin.
Source: TradingView
The price action supports this momentum with a pattern of higher highs and higher lows, highlighting Bitcoin’s sustained dominance over Ethereum.
ETF Inflows: Bitcoin vs. Ethereum
ETF flows also reflect the contrasting fortunes between the two cryptocurrencies. Data from Spot on Chain shows Bitcoin ETFs saw inflows of around $92 million this week versus just $2.9 million for Ethereum. Over time, Bitcoin ETFs have enjoyed total inflows of over $397 million, recording positive flow on four out of five trading days. Conversely, Ethereum ETFs had a negative total flow of -$26.2 million, with positive inflows on only two of five days.
Further, Soso Value reports that US spot Bitcoin ETFs boast a positive net flow of about $17.7 billion, compared to a negative net flow of approximately $607 million for Ethereum ETFs. This stark contrast highlights a strong preference for Bitcoin among investors, influencing both price action and ETF investments.
Read more about the future of Ethereum: Ethereum (ETH) Price Prediction 2024-25
The Continued Dominance of Bitcoin Over Ethereum
In summary, Ethereum has struggled to keep pace with Bitcoin in recent months. The bearish trends in the ETH/BTC pair and the differing market reception to their respective ETFs underscore Bitcoin’s current strength and preference among traders.
With investors continuing to lean towards Bitcoin ETFs and the BTC/ETH ratio favoring Bitcoin, the bullish momentum for Bitcoin is likely to persist. Ethereum, on the other hand, faces ongoing challenges in regaining its position against Bitcoin.
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