Ethereum has outperformed Bitcoin over the past month, with the ETH/BTC ratio climbing to a three-month high. The rally comes as the validator exit queue dropped to zero for the first time since September, and institutional buyers — including Bitmine and Arthur Hayes — added significant positions. Spot Ethereum ETFs also pulled in more inflows than Bitcoin funds for the third straight week, signaling a shift in investor appetite.
ETH/BTC ratio hits three-month high
Ethereum gained 19.6% over the past month, far outpacing Bitcoin's 5.2% rise. The ETH/BTC ratio reached 0.030, a level not seen in three months. Bitmine chairman Thomas Lee cited the breakout as a sign of strengthening crypto prices, and the firm raised its Ethereum holdings while announcing an equity buyback. The move adds to a growing list of corporate and whale accumulators.
Validator exit queue drops to zero
The Ethereum validator exit queue — which peaked at 2.6 million ETH in September — has cleared entirely. No validators are currently waiting to withdraw staked ETH. Analyst Merlijn The Trader said the queue clearing into a 47% drawdown suggests a bottom for ETH. At the same time, roughly 2.5 million ETH is queued to enter staking, with waits near 43 days, effectively locking up supply. That's a sharp reversal from the exit pressure that weighed on price last year.
Institutional demand picks up
Bitmine added 9,946 ETH, bringing its total holdings to 5.79 million tokens — close to 4.8% of circulating supply. Arthur Hayes bought 7,213 ETH since July 15, worth about $13.87 million. A newly created wallet also withdrew 2,101 ETH ($3.95 million) from Binance. Meanwhile, spot Ethereum ETFs took in $9.23 million on July 27, while Bitcoin ETFs lost $11.64 million the same day. The trend has held for three consecutive weeks, a clear preference shift.
What the data says about a bottom
CryptoQuant reports that 2 of 5 bottoming signals are at levels seen at past bottoms; the rest are improving but not there yet. The ETH/BTC MVRV ratio fell from 0.95 in August 2025 to about 0.65 — prior bottoms were near 0.45. The ETH/BTC exchange inflow ratio dropped from above 1.5 to roughly 0.8, still short of the 0.4 zone that marked earlier floors. Ethereum's average August return is 8.84%, but the median is -1.87%, highlighting high variability. The next few weeks will test whether the improving signals can push the MVRV ratio closer to that 0.45 floor.
