🚀 Ether-Bitcoin ratio hits a 3-year low, down 16% YTD! Uncertainty about the launch of spot ETH ETF in the U.S. and the rise of Ethereum-killers like Solana are key factors.

📉 ETH/BTC slipped to 0.04563 on Binance, the lowest since April 2021. Reduced demand for Ether ETPs is also a factor, with global Ether ETPs seeing net outflows of around $63.5M last week.

🔍 Several factors are at play, including competition from layer 1s and uncertainty about spot ETH approvals in the U.S. Bitcoin's store-of-value narrative has been reinforced, while questions about ETH's positioning within the crypto sector remain.

🚀 Solana's share in total decentralized exchange volumes has grown tenfold from 2% to 21% in one year, eating into Ethereum's market share.

👀 The SEC has green-lighted nearly a dozen spot BTC ETFs since January, drawing roughly $12B in net inflows. Approval of spot ETFs tied to ether could open a similar pool of capital for Ethereum’s native token, but the timing is unclear.

🎲 Traders on Polymarket see just a 10% chance of the SEC approving a spot ETF on or before May 31.

📢 What's your take on the Ether-Bitcoin ratio? Do you think the SEC will approve a spot ETH ETF? Let's discuss! #crypto #ETH #BTC