The price of Ethereum is stagnant against its ETH/BTC pair as investors' expectations for an ETH spot ETF diminish. Ether, valued at R$17,886, had been on an upward trajectory since the beginning of the year but began to decline in mid-March.

The altcoin has lagged behind Bitcoin, priced at R$357,498, since January 1st, gaining approximately 48% compared to BTC's 57% against their USD pairs year-to-date.

There are three main reasons why ETH has underperformed BTC over the past few days, including a decrease in network activity and a decline in sentiment regarding the approval of spot Ethereum ETFs in May.

Ether has dropped by 13.5% in the last 30 days, underperforming Bitcoin and other top-tier tokens. BTC's price has only fallen by 4% in the last 30 days, while other high-market-cap layer-one tokens like BNB from Binance Chain and SOL from Solana have appreciated by 15.5% and 16%, respectively, in the same period.

The ETH/BTC ratio began to decline on March 8th, hitting its year-to-date low of $0.047 on April 7th.

There are several reasons why Ether has underperformed Bitcoin in the last month, including new all-time highs, over $10 billion in investments in the Bitcoin spot ETF, and Bitcoin's Ordinals trading volume increasing to nearly $3 billion. The upcoming Bitcoin supply halving, which historically precedes a cryptocurrency market uptrend, has also contributed to BTC's favorable winds. #BTC🔥🔥🔥🔥🔥🔥 #Altcoinseason2024 #Altcoins👀🚀