The ETH/BTC ratio has declined to levels last seen in 2016, with Ethereum trading near $1,666 and Bitcoin at approximately $62,956, resulting in a ratio of about 0.0265. This shift reflects a market preference for Bitcoin's liquidity and institutional acceptance over Ethereum. Ethereum's relative weakness is attributed to several factors, including weak spot prices, declining ETF demand, and competition within Layer 1 networks. Additionally, market skepticism about Ethereum's economic model during the Layer 2 migration has contributed to its underperformance. Meanwhile, Bitcoin continues to benefit from strong institutional demand, deeper liquidity, and its status as a macro-level crypto asset.