PANews reported on March 12 that according to CoinFesk, according to Glassnode data, Bitcoin's four-year compound annual growth rate (CAGR) has dropped to its lowest level on record, 8%. The four-year period was chosen to coincide with Bitcoin's halving cycle, while also covering the typical bull/bear market cycle, which tends to follow a similar time frame.

Four years ago in March 2021, Bitcoin was trading at around $60,000, close to the peak of the last market cycle. As the asset matures, its volatility and returns will decrease over time, so the compound annual growth rate is expected to decline. However, this metric is highly dependent on the reference point. In 2021, Bitcoin experienced a surge to the top at the beginning of the cycle, and by March 2025, $80,000 may mark the arrival of the bottom of the cycle.

The ETH/BTC ratio has now entered negative CAGR territory at 6%, reflecting Ethereum's underperformance relative to Bitcoin. This decline is primarily due to Ethereum's price remaining largely flat since February 2021, currently trading below $2,000. Currently, the ETH/BTC ratio is 0.024, the lowest level since late 2020.