Key Takeaways
- ETH/BTC dropped to 0.01791, its lowest level since 2020.
- Institutions like Galaxy Digital and Paradigm have offloaded over $100M in ETH.
- Ethereum's staking rate stands at just 28%, far below competitors like Solana.
The ETH/BTC trading pair has fallen to 0.01791, the lowest level recorded since 2020, according to TradingView data.
The drop highlights mounting pressure on Ethereum as large holders — or “whales” — accelerate sell-offs.
Major institutional selling
Galaxy Digital led the recent wave of selling, transferring another 5,000 ETH (approximately $8.11 million) to Binance on April 22.
This follows earlier movements of nearly $100 million worth of ETH to exchanges, raising fears of a coordinated liquidation.
Other major players are also offloading: Paradigm shifted 5,500 ETH (around $8.65 million) to Anchorage Digital, and the Ethereum Foundation deposited 1,000 ETH (worth $1.57 million) to Kraken.
Market context & staking concerns
These significant transactions come as Bitcoin nears $90,000, drawing investor attention and contributing to the ETH/BTC slide.
Ethereum is currently trading at $1,574, down 2.5% in the last 24 hours.
The shift in sentiment may be compounded by Ethereum’s relatively low staking participation — only 28% — compared to competitors like Solana, which stands at 65%.
Broader market impact
Ethereum’s declining position is also reflected in the broader market.
Bitcoin dominance is at a four-year high, suggesting capital is flowing away from Ethereum and other altcoins.
Despite this, Ethereum retains a leading role in DeFi and NFTs with over $45 billion in total value locked, according to DefiLlama.
The ETH/BTC downtrend, combined with large-scale institutional movements and weak staking incentives, signals potential short-term volatility.
