Ethereum/Bitcoin Ratio Sinks to Four-Year Low on Intensified Whale Selling
- The ETH/BTC exchange rate has dropped to 0.01791, a level not seen since back in 2020.
- Big players like Galaxy Digital, Paradigm, and the Ethereum Foundation are moving millions of dollars worth of ETH.
- Ethereum’s staking ratio sits at 28%, notably trailing behind competitors such as Solana.
The Ethereum market is really feeling the heat right now, as the ETH/BTC exchange rate has plunged to its lowest point in almost five years, based on recent data from TradingView. The ratio has fallen to 0.01791, marking a significant dip in Ethereum’s value compared to Bitcoin that we haven’t witnessed since 2020.
This downward slide appears alongside increased selling action from some of the major institutional players and “whales” within the Ethereum world. According to blockchain expert OnchainDataNerd on X, Galaxy Digital sent an additional 5,000 ETH (worth roughly $8.11 million) over to Binance just recently, on April 22, 2025.
Major firms reducing Ethereum exposure
As we saw earlier, Galaxy Digital had already moved about $100 million worth of ETH to exchanges in the few days before this latest transaction. And it’s not just Galaxy Digital; other big players are also cutting down their exposure to Ethereum.
Just three hours before Galaxy’s move, Paradigm sent 5,500 ETH (valued at around $8.65 million, according to EmberCN) over to Anchorage Digital. What’s more, Lookonchain discovered that 1,000 ETH was sent to the Kraken exchange from a wallet address connected to the Ethereum Foundation.
These significant movements by large institutional holders are putting considerable downward pressure on Ethereum’s price, especially at a time when ETH is already struggling to hold its ground against Bitcoin’s dominance. Currently, ETH is trading around $1,574, showing a 2.5% dip over the last 24 hours, while Bitcoin is nearing the impressive $90,000 milestone.
This expanding gap in performance between the crypto world’s two largest currencies might encourage investors to shift their holdings towards Bitcoin, potentially increasing the selling pressure on Ethereum even more.
The fact that the Ethereum Foundation itself has made multiple recent ETH sales further highlights how these big, institutional transactions can significantly impact price fluctuations and potentially slow down Ethereum’s growth path.
But it’s not just the “whales” causing headwinds. ETH is also facing other issues that might be making investors pause. The network’s staking ratio currently sits at just 28%, noticeably lower than rivals like Solana, where a solid 65% is staked. This big difference, coupled with staking rewards that don’t quite match up to what you can get elsewhere, might be chipping away at investor confidence in holding ETH for the long haul.
Bitcoin’s grip on the market is currently at a four-year high, suggesting that capital is flowing away from Ethereum and other alternative cryptocurrencies. If this trend continues, it could make ETH’s relative underperformance even worse.
Despite these worrying signs in the short term, it’s worth noting that some experts still feel optimistic about Ethereum’s potential over the long run.
