Ethereum (ETH) price performance against Bitcoin has declined over the past two years.
In 2021-2022, ETH price showed strong growth in comparison to BTC, driven by increased speculative interest and high activity in the derivatives market.
Investor confidence in Ethereum was reflected in its rising price and open interest in perpetual futures.
Since 2023, this trend has reversed. The value of Ethereum has decreased in comparison to BTC because both the market open interest ratio and price ratio show continuing decline.
The two ratios reached new lows during March 2025 whereby open interest stood at 0.15 and price settled at 0.02.
The trading pair for ETH/BTC exhibits mostly negative market expectations.
Source: CryptoQuant
Market Fear and the Possibility of a Rebound
Market uncertainty tends to generate unexpected price rebounds even when long-term depreciation seems likely for Ethereum (ETH) price.
When both fear and market liquidity reach low points Ethereum along
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