One widely watched indicator for assessing whether the crypto market is in a bullish or bearish phase is the ether-to-bitcoin (ETH/BTC) ratio.

On Tuesday, the ratio fell to 0.02835, its lowest level in 10 months and the weakest reading since July 2025. The decline comes as ether dropped more than 2% on Tuesday, compared with bitcoin’s decline of just over 1%. The ETH/BTC ratio is now down more than 35% from its August high of 0.04324.

The ETH/BTC ratio measures ether’s relative performance against bitcoin across crypto exchanges and is considered a key gauge of market risk appetite. A rising ratio typically signals that investors are rotating capital into ether and other higher risk crypto assets, reflecting stronger risk sentiment….