The Ether-Bitcoin ratio has hit a five-year low at 0.02193 as traders opt for less risky assets, according to Van Straten. This marks the first time Ether has lagged behind Bitcoin since the previous year's reward halving.

This year alone, Ether has dropped by 39% compared to Bitcoin. This performance shift is significant as it is the initial instance where ETH has not outperformed BTC in the year following a bitcoin reward halving.

*Note: As of March 31 at 9:25 UTC, additional information regarding the macroeconomic environment has been incorporated.*

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Ether-Bitcoin Ratio Slumps to 5-Year Low as Traders Seek Less Risky Assets: Van Straten

Ether has underperformed bitcoin since last year's reward halving. The first time that's happened.

• The ETH/BTC ratio dropped to a five-year low of 0.02193.
• Ether has fallen 39% relative to bitcoin this year.
• It's the first time ETH has underperformed BTC in the 12 months after a bitcoin reward halving.

UPDATE (March 31, 9:25 UTC): Adds macroeconomic environment in fifth paragraph.