PANews reported on May 12th that, according to CoinDesk, the ETH/BTC ratio fell to 0.02835 on Tuesday, a new low since July 2025, a drop of over 35% from the August 2025 high of 0.04324, and well below its 200-week moving average of 0.04828. ETH fell by over 2% that day, while BTC only fell by over 1%. The report points out that ETH/BTC is considered a key indicator of risk appetite in the crypto market, and a decline in the ratio usually means that funds are flowing back from high-risk assets such as ETH to the relatively "defensive" BTC. Since peaking above 0.08 in December 2021, the ratio has been in a multi-year downward trend. Although it briefly bottomed out at 0.01770 during the "Liberation Day" tariffs in April 2025 and rebounded briefly, it has since weakened again, continuing ETH's long-term bear market relative to BTC.