Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Bitcoin’s Ferocious ETF-Fueled Rally Puts Ether at Weakest Price Versus BTC in 2 Months

Bitcoin’s Ferocious ETF-Fueled Rally Puts Ether at Weakest Price Versus BTC in 2 Months

CoindeskCoindesk2023/06/23 16:18
By:Lyllah Ledesma

The largest cryptocurrency by market cap has benefited from rising investor optimism following multiple filings for spot bitcoin ETFs and its omission from tokens listed in SEC lawsuits earlier this month.

The price ratio between ether (ETH) and bitcoin (BTC), a commonly watched metric for the biggest cryptocurrencies, sank to a two-month low as a (ETF) dramatically shifted sentiment in the industry.

ETH's price divided by BTC's has fallen to 0.0615, according to data from TradingView. The drop reflects bitcoin's far bigger gain this month: a 10% surge versus ETH's 1% increase.

Bitcoin has risen this week as markets more fully absorbed BlackRock's application for a spot bitcoin ETF and re-filings for similar products by well-known financial services firms Invesco and WisdomTree.

BTC has likely also benefited from its omission among in lawsuits earlier this month by the U.S. Securities and Exchange Commission (SEC) against exchanges Binance and Coinbase, Anthony Georgiades, co-founder of Pastel Network, told CoinDesk. Those other tokens dropped by double digits in the days following the suits, although they’ve recovered in this week’s market rebound.

“With regulatory uncertainty around labeling certain digital assets as securities, bitcoin is the only digital asset to remain – in the lens of regulatory agencies – sufficiently decentralized and certainly not a security,” said Georgiades.

Georgiades noted that if there are no exogenous shocks, like a credit crisis, the market might expect certain speculation or trading rotation to drive inflows from BTC into ETH. “Ethereum’s unique aspects, such as its ability to facilitate a wide range of applications from DeFi to NFTs, is a key differentiator from Bitcoin and presents unique value propositions,” he said.

According to Nauman Sheikh, head of protocol and treasury management at Wave Digital Assets, bitcoin’s upcoming halving next year has also further bolstered bitcoin’s position. He added that “bitcoin's dominance is unlikely to fade in the near future. As a result, the ETH/BTC ratio has hit a 2023 low at 0.0615. However, this ratio could further decline to the 0.05 to 0.055 range last seen in the summer of 2022, which may present an opportune moment for investors to favor ethereum over bitcoin.”

Edited by James Rubin.

127

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitcoin News Today: Bitcoin Faces $86.8K Turning Point as Bulls and Bears Clash in Intense Price Battle

- Bitcoin remains in bearish consolidation near $86,800, with key support/resistance levels determining its near-term direction amid a 30% decline from its October peak. - Technical indicators and on-chain data highlight a potential lower high pattern, LTH selling pressure, and downward-trending moving averages reinforcing bearish momentum. - Spot ETF inflows offer limited bullish hope, but RSI divergence and EMA crossovers suggest the recent rebound lacks sustained reversal strength. - Traders focus on $8

Bitget-RWA2025/11/30 18:40
Bitcoin News Today: Bitcoin Faces $86.8K Turning Point as Bulls and Bears Clash in Intense Price Battle

XRP News Today: XRP ETF Investments Rise While Derivatives Withdrawals Highlight Market Vulnerability

- XRP's 30% overnight drop triggered $1.14M in liquidations as ETF inflows collided with whale-driven selling pressures post-ETF launch. - Despite $164M in ETF assets, XRP trades 40% below its annual peak with technical indicators showing bearish patterns and a 20/100 CryptoQuant Bull Score. - Binance's 2.55 long-to-short ratio and uneven exchange liquidity exacerbated volatility, with RLUSD's $3.5B 30-day volume signaling ecosystem growth. - Analysts debate $2.60 potential from oversold RSI versus $2.00 r

Bitget-RWA2025/11/30 18:40
XRP News Today: XRP ETF Investments Rise While Derivatives Withdrawals Highlight Market Vulnerability

Cardano News Today: Cardano's Major Upgrade: Will It Overcome Challenges to Hit $10.25 by 2030?

- Cardano (ADA) shows early recovery signs with a 7% weekly price rebound near $0.43, supported by whale buying and positive technical indicators. - Upcoming blockchain upgrades targeting scalability and interoperability aim to address throughput limitations and boost enterprise adoption. - Price forecasts project ADA reaching $2.05 by 2026 and $10.25 by 2030, contingent on ETF approvals, macroeconomic trends, and institutional adoption. - Risks include geopolitical tensions, cybersecurity threats like the

Bitget-RWA2025/11/30 18:40
Cardano News Today: Cardano's Major Upgrade: Will It Overcome Challenges to Hit $10.25 by 2030?

Systemic Vulnerabilities in Crypto Lead to Monad's 47% Drop

- Monad (MON) fell 47% from post-launch highs, sparking comparisons to speculative "Pi Coin"-style projects with weak fundamentals. - Crypto market fragility evident in Binance Coin's decline and North Korea-linked $36M Upbit hack, eroding investor confidence. - Traditional sector challenges mirror crypto risks, as Tether halts Uruguayan mining and UPS grounds aircraft post-crash. - DeFi projects like Mutuum Finance prioritize security audits, highlighting sector-wide need for safeguards absent in speculat

Bitget-RWA2025/11/30 18:40
Systemic Vulnerabilities in Crypto Lead to Monad's 47% Drop