Ethereum’s highly anticipated Merge did not deliver the expected fireworks across the board in terms of ETH’s price action. In fact, Ethereum enthusiasts have also talked extensively in the past about the ETH:BTC ratio in conjunction with “the flippening”. A hypothetical event where Ethereum would catch up or “turn over” Bitcoin’s market cap.

However, that seems like a far-fetched reality given the current soup that ETH is in.


Here’s AMBCrypto’s Price Forecast for Ethereum (ETH) for 2022-23


From highs to lows – what has changed?

The ETH:BTC ratio, which was once so high, seems to have fallen to an extremely low level as marked on Santiment, a famous crypto platform. In this, ETHs’sharks’ and ‘whale’ addresses (with 100 to 1 million ETH) have fallen 3.3 million ETH only in the last five weeks.

Source: Santiment

Now the question arises: have the sharks and whales of Ethereum “predicted” the accumulation and dumping of the price movements? Well, it sure seems like it. Considering the chart above, Saniment added,

“This equates to approximately $4.2 billion worth of dumped coins. The price of the asset versus Bitcoin has ebbed and flowed based on the behavior of these key stakeholders.

Overall, the fall was significant, but to shed more light on the downfall, consider this story. When considering early September 2022, the ETH:BTC ratio climbed to a 2022 high.

Data from TradingView showed that the ETH:BTC ratio reached 0.084 for the first time since December 2021. This meant that the ratio increased by about 58% from about 0.053 in mid-July.

This lead over Bitcoin can be attributed to the hype for the Merge, the highly anticipated Proof-of-Stake upgrade of the number two blockchain. But what happened now? A BIG question mark to say the least.

Well, even the holders may have asked the same question, given that the HODLing number had gone down. According to Glassnode, the ETH number of addresses with 100+ coins hit a month-long low of 45,366. This was evident from the graph below.

Source: Glassnode

In addition, looking at the technical front, ETH witnessed an unprecedented increase in censorship as over 50% blocks were created in the past day. These blocks fell under the purview of the US Treasury Department’s Office of Foreign Assets Control (OFAC), following compliance recommendations.

Needless to say, such bearish conditions would indeed trigger a similar decline for the largest altcoin. ETH continued to see a red mark as it went to press as it traded at $1,280 on CoinMarketCap.

Improve mood

Despite a bearish story since its inception, ETH was able to recover from the dead. Could that be the case now? Well, nothing is impossible, remember?

As of 2021, the price of ETH managed to show a relatively high sensitivity to its network growth. Interestingly, network growth has surged in recent days to match the November 2021 highs. On the contrary, the price action was yet to follow.

This post Ethereum’s latest pump-and-dump highlights this about the ETH vs. BTC ratio

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