The price ratio of ether (ETH), which is a widely watched metric, to bitcoin (BTC), fell to a 2-month low after a financial giant announced plans for an exchange-traded BTC fund. This plan shifted the sentiment in the cryptocurrency industry.

TradingView data shows that the price of ETH divided by BTC has dropped to 0.0615. The fall reflects the much larger gain in bitcoin this month, a surge of 10% compared to ETH’s 1%.

Bitcoin prices have risen in the past week, as markets have taken into account BlackRock’s application to create a bitcoin spot ETF. They also took into consideration similar applications by Invesco and WisdomTree.

Anthony Georgiades of Pastel Network told CoinDesk that BTC also likely benefited from being left out of the 19 tokens listed in earlier lawsuits by the U.S. Securities and Exchange Commission against Binance and Coinbase. These other tokens fell by double-digits after the lawsuits, but have recovered during this week’s rebound.

“With regulatory uncertainties around labeling some digital assets as securities – bitcoin is the only asset that remains – from the perspective of regulatory agencies- sufficiently decentralized, and definitely not a security,” Georgiades said.

Georgiades said that if there were no exogenous shocks like a credit crunch, then the market could expect certain speculations or trading rotations to drive inflows of BTC into ETH. He said that Ethereum’s unique features, including its ability to support a variety of applications, from DeFis to NFTs to facilitate, are a key difference from Bitcoin.

Nauman Sheikh is the head of protocol at Wave Digital Assets. According to him, the upcoming bitcoin halving in 2019 has further strengthened bitcoin’s position. He also said that “bitcoin’s dominance will not fade in the near term.” The ETH/BTC has now reached a low of 0.0615, which was set in 2023. This ratio may fall further to the range of 0.05-0.055 last seen in summer 2022. It could be a good time for investors to choose ethereum instead of bitcoin.”

James Rubin is the editor.