Ethereum has declined by 10.2% this week, underperforming in both spot and derivatives markets, with the ETH/BTC ratio nearing 0.0275, according to Wintermute. The firm highlighted that Ethereum is "not the right asset for this macro" environment, citing rising yields and renewed inflation concerns as key challenges. Wintermute also noted that being long on Bitcoin at current levels involves betting on institutional investors returning, despite the pressures of rising Treasury yields and accelerating inflation. This scenario may prove challenging until the market fully adjusts to the evolving macroeconomic landscape.