The ETH/BTC exchange rate has dropped below 0.03 for the first time since the market rally began on August 19. Despite the declining ratio, a prominent whale continues to accumulate Ethereum against Bitcoin-denominated assets. The address swapped 837.78 UBTC for 27,501 ETH over the past day at an average rate of 0.03046, totaling over $69.78 million. At current market rates, the position is already showing an unrealized loss of approximately $1 million.