ETH/BTC hits 2016 lows while a whale borrows 18k ETH to short the dip 🐳

Ethereum's slide against Bitcoin has reached a multi-year extreme, with the ETH/BTC ratio falling to 0.026, its lowest level since March 2016. The ratio, which prices Ethereum relative to Bitcoin, now sits below levels recorded before the emergence of DeFi, NFTs and the broader Layer-2 ecosystem.

On-chain data tracked by Lookonchain shows one whale wallet borrowing 18,000 ETH, worth roughly $29.8 million, from Aave over the past two days and selling the tokens into the market, a move that functions as a leveraged short on Ethereum. Separately, public records reviewed by market participants indicate that BitMine (BMNR) accumulated 126,000 ETH, worth about $213 million, over the past week, though the buying has so far failed to produce a sustained price reaction.

Ethereum closed its fourth consecutive weekly candle in the red, with the latest week shedding more than 15% and printing a low near $1,500. The share of ETH supply sitting at more than 3x profit has dropped to 11%, its lowest level since February 2017, according to the chart cited in the analysis. That metric tracks the proportion of circulating ETH held at addresses whose cost basis is at least three times lower than the current price.

Ether's price was last reported near the low end of that weekly range, with traders watching the $1,500 support zone that has anchored the recent sell-off. The combination of a multi-year low in the ETH/BTC ratio, a leveraged short opened on Aave and a 15% weekly decline has placed the $1,500 level at the center of near-term market attention.