Ethereum Outperforms Bitcoin, ETH/BTC Climbs to Three-Month High Near 0.03

Ethereum is steadily closing the gap with Bitcoin, and the ETH/BTC cross is starting to show it. On July 27, the trading ratio rose to around 0.03, the strongest reading in three months. Over the past month, ETH has gained about 24%, compared with roughly 8% for Bitcoin. The ratio highlights a broader shift in relative momentum. After trending in Bitcoin's favor for months, ETH/BTC slid to roughly 0.028 in February 2026. It has now pushed back above 0.03, though it remains well below the 0.038 level reached in January 2026. Technically, the pair has moved above its 200-day simple moving average for the first time since January. ETH is also up more than 20% from its June 6 low. Institutional activity is adding to the narrative. Bitmine Immersion Technologies, which calls itself the largest Ethereum treasury company, said it added 9,946 ETH in the prior week, a purchase worth about $19.4 million. The company's Ethereum holdings are now reported at 5.79 million ETH, representing about 4.8% of circulating supply. Bitmine's combined crypto and cash holdings are valued at approximately $11.8 billion. Tom Lee, Bitmine's Chairman, cited the rising ETH/BTC ratio as a constructive signal for crypto prices ahead, even as he said the odds of the CLARITY Act were fading. For investors, Bitcoin dominance stands near 59%. Even at 0.03, ETH/BTC remains materially below January's 0.038, implying roughly 27% upside just to revisit the prior peak.