ETH/BTC Ratio Below 0.05 for 14th Consecutive Month

What Was the Highest ETH/BTC Ratio?

The price of Ethereum (ETH) versus Bitcoin (BTC) reached an all-time high ratio of 0.148 on June 12, 2017, amid the ICO-driven bull run. ETH had rallied to a new high of $398 at the time, just as BTC pulled back 11.5% to $2,701 the day after recording its own new high.

This happened less than two weeks after the ETH/BTC ratio first crossed the 0.1 threshold, when it jumped up to 0.106 on May 30, 2017 as ETH gained 17.7% in a single day. Subsequently, the ETH/BTC ratio managed to remain above the 0.1 threshold for over three weeks, as both ETH and BTC consolidated below their then all-time high (ATH) prices.

In the last ten years, ETH/BTC has only seen a ratio of 0.1 or higher on 40 days in total, or just 1.1% of the time. The ETH/BTC ratio was 0.1 or higher for 28 days in 2017, while the remaining 12 days were in 2018. This perhaps suggests that ETH/BTC’s potential to reclaim higher levels is contingent on Ethereum experiencing another major catalyst like the ICO mania in 2017 and 2018.

ETH/BTC last recorded a ratio of 0.100 on February 12, 2018, which means it has been over 7.5 years since ETH/BTC lost the 0.1 level. In fact, ETH/BTC has not even exceeded the 0.09 level since then.

Meanwhile, the ETH/BTC ratio has been below 0.05 for a total of 2,123 days, which represents 57.6% or more than half of the past ten years. In the remaining 41.4% of the time, the ETH/BTC ratio was between 0.05 and 0.1. 

While this means that the ETH/BTC ratio has spent more time below 0.05 than above, it is also worth noting that ETH/BTC only crossed the 0.05 level for the first time on March 24, 2017. Whereas from 2015 to 2016, the ETH/BTC ratio was unsurprisingly low given how nascent Ethereum was.

ETH/BTC Last Above 0.05 in July 2024

In 2025 to date, the yearly average ETH/BTC ratio is at a five-year low of 0.027, which is on par with ETH/BTC averages during the 2019 to 2020 bear market. This is mainly due to a combination of Bitcoin resilience from institutional adoption and changes in altcoin rotation trends. 

ETH’s steady drop to a low of $1,471 resulted in ETH/BTC dipping below even the 0.02 ratio level on April 9, 2025, which it had last seen in February 2020. However, the ETH/BTC ratio has recovered since and reclaimed the 0.04 level on August 23, as ETH briefly tagged $4,946 in a new all-time high fueled by the Digital Asset Treasury (DAT) narrative.

Notably, the ETH/BTC ratio has remained below 0.05 for the 14th consecutive month, after losing the level at the end of July last year. In comparison, the longest streak in which ETH/BTC remained below 0.05 was around 33 months, from August 14, 2018 to April 28, 2021. It remains to be seen whether new catalysts will emerge to continue fueling the ETH rally and push ETH/BTC back to higher levels.

That said, if the ETH/BTC ratio manages to reclaim 0.05 even as BTC ranges between key $100,000 to $124,000 levels, that would put ETH at new ATHs of $5,000 to $6,200 correspondingly.

The complete list of when the ETH/BTC ratio was last at each level is as follows:

What Was ETH/BTC Ratio at Ethereum & Bitcoin All-Time Highs?

When Bitcoin and Ethereum achieved their cycle ATH prices, ETH/BTC recorded ratios that varied widely from 0.036 to 0.097. 

During the second post-halving bull run, the ETH/BTC ratio was 0.036 when BTC hit a then-ATH of $19,665 on December 16, 2017, with ETH at $702. Shortly after on January 14, 2018, ETH/BTC surged to a ratio of 0.097 when ETH reached its then-ATH of $1,410, as BTC corrected to $14,477.

In the following cycle, the ETH/BTC ratio sat at 0.071 when both ETH and BTC achieved their then-ATHs of $4,878 and $69,044 respectively, on November 10, 2021. 

In the current bull run, ETH/BTC was 0.039 when BTC recorded its latest ATH of $124,128 on August 14, 2025. ETH/BTC only rose slightly to a ratio of 0.041 when ETH recorded a new ATH of $4,946 just ten days later.

ETH/BTC Ratio by Year (2015 – 2025)

In the last ten years from 2015 to 2025, daily ETH/BTC ratio averaged 0.044 overall, and ranged from 0.002 to 0.148. 

Notably, the highest yearly average ETH/BTC ratio was 0.070 in 2022, when ETH/BTC remained above 0.05 throughout the year but never exceeded the 0.1 level. For the same reason, the second highest yearly average ETH/BTC ratio was 0.063 in 2023. In comparison, the ETH/BTC ratio saw lower yearly averages of 0.055 in 2017 and 0.059 in 2018, due to larger fluctuations.

The yearly average, low and high for daily ETH/BTC ratio from 2015 to 2025 are as follows:

Methodology

The study examined daily ETH/BTC ratio from August 7, 2015 to September 10, 2025, based on CoinGecko data.

This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.

If you cite these insights, we would appreciate a link credit to this article on CoinGecko, which allows us to keep supplying you with useful data-led content.

Curious to find out more about our previous research studies & statistics? Check out this one we did on Bitcoin all-time high history.