Ethereum Slumps to Lowest BTC Ratio Since 2020 as Market Sell-Off Deepens

Ethereum (ETH) has hit its lowest level against Bitcoin (BTC) since February 2020, sparking concern among crypto investors. On Monday, ETH/BTC plummeted to an intraday low of 0.01965 BTC on Binance. At press time, ETH is trading around $1,515, reflecting a brutal downturn that leaves long-term holders with minimal gains—especially those who bought during the ICO-fueled 2018 bull market.

So far in 2025, Ethereum has dropped 44% against Bitcoin, marking its third straight year of underperformance. ETH is now down 79% from its December 2021 high, which was driven by hype around decentralized finance (DeFi) and NFTs. Breaking below the key 0.02 BTC level has intensified bearish sentiment, with analysts eyeing the September 2019 low of 0.01615 BTC—a further 18% decline from current levels. If pressure continues, a retest of the March 2017 pre-ICO mania low of 0.0128 BTC may be on the horizon.

The recent sell-off is part of a broader market rout dubbed "Black Monday." Ethereum slid another 12.5% on Sunday and dropped an additional 2% on Monday, outpacing losses in the wider crypto market. Global equities also took a hit, with Hong Kong’s Hang Seng Index falling over 12% and Japan’s Nikkei 225 tumbling nearly 7% amid global tariff turmoil.

In a surprising twist, Tether (USDT) is now close to overtaking Ethereum by market cap. As of now, USDT stands at $144 billion compared to ETH’s $185 billion. If this trend continues, ETH may soon relinquish its long-held second-place ranking in the crypto market.