ETH-BTC trading pair drops to lowest level since July 2022

ETH-BTC trading pair drops to lowest level since July 2022

This week, the ETH-BTC trading pair on key crypto exchanges Binance and Coinbase slid firmly below 0.06, its lowest level since July 2022 and erasing what had been a modest rally for the ratio in September.

It's down 2.4% in October to $1,640, giving up its gains and more from a short-lived surge on Monday to near $1,750. Similarly, Bitcoin rose 1.4% over the same period and is also outpacing ETH on a weekly, monthly and yearly basis, according to CoinDesk Indices data.

Lunde said that the interest for the newly listed futures-based ETFs in the U.S. had'strongly' missed his expectations, prompting him to discontinue his month-old investment advice to increase ETH exposure compared to BTC to profit from the ETF hype.

Since the lack of any short-term catalyst, apathy reigns on the cryptocurrency market and prices will likely continue chopping sideways, Lunde said.

Matrixport analysts said in a Wednesday Market update that waning activity on Ethereum and its native token's relapse to being inflationary could weigh further on ETH price. The crypto investment services firm said last month that Ethereum's network revenues fell to its lowest since December when ETH traded at $1,200, indicating that the token may be 30%-40% overvalued at current prices of around $1,600-$1,700.

''It's a good case to be made for being bullish on bitcoin in the current environment,'' Matrixport said in a statement.