The ETH/BTC ratio slid to about 0.0283, a multi-year low, with ETH down roughly 32% year-to-date against a smaller Bitcoin decline.
An ETF is one demand pipe. It does not capture selling from existing holders, unlocks or leverage unwinds across the wider ether market.
About 35.8M ETH, near 30% of supply, is staked across ~1.1M validators earning roughly 3% — yet that has not lifted relative price.
Positive flows during a falling ETH/BTC ratio show flow data is a clue, not a forecast. Watch whether the ratio stops making new lows.
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