The ETH/BTC ratio fell to 0.02885 on Binance on 29/10, its lowest level since 24/07. With two trading sessions left in the month, October is showing a -10.2% return for the pair, on track for its worst month since September 2025 (-10.4%).
The chart tells the story. From July to September, ETH/BTC posted three consecutive green months, rising from 0.02681 to 0.03212. October has already erased about 62% of that gain. July’s low of 0.02870 is now just a breath away.
In dollar terms, the gap is clear. Since 01/10 (Binance data at around 18:55 UTC),
$ETH went from $2,686 to $2,331 (-13.2%), while
$BTC went from $83,624 to $80,812 (-3.4%). Over 24 hours, ETH is down another 1.1%, compared with 0.4% for BTC.
As for flows, Farside reports around $1.35 billion in net outflows from U.S. spot ETH ETFs between 01/10 and 28/10, including three consecutive negative sessions from 26 to 28/10 (-$170 million combined), led by BlackRock’s ETHA (-$243 million over those three days).
My interpretation, not a fact: in a market digesting a Fed that remained firm on 28/10 and September core PCE at 3.1% year over year, released on 29/10, capital is retreating to BTC and ETH is paying the risk premium.
What could move things before the monthly close:
if the ratio holds at 0.02870 and ETH ETFs return to inflows, a technical rebound toward 0.030 remains plausible;
if 0.02870 breaks on a daily close, the June lows zone, below 0.027, becomes the reference again.
What are you watching to decide whether ETH has bottomed against BTC: the monthly close on 31/10, a return to ETF inflows, or something else?
#Ethereum #ETHBTC