Ethereum has dropped to $1,644 as of June 9, 2026, a 67% decline from its all-time high of $4,946 set last August. The slump has pushed ether to its weakest relative position against bitcoin in years, as macroeconomic headwinds and persistent ETF outflows drag on the second-largest cryptocurrency.
Ethereum's 67% slide from August peak
The token hit its record high on Aug. 24, 2025, at $4,946. In less than ten months, it has lost two-thirds of that value. For comparison, bitcoin has held up better in the same period, though it too faces pressure. The divergence has widened the ETH/BTC ratio to levels not seen in years, a metric traders watch closely as a gauge of risk appetite within crypto.
Bitcoin dominance puts ETH in a bind
Bitcoin's rising dominance — its share of total crypto market capitalization — has been a recurring theme this year. As capital rotates out of altcoins and into BTC, ether has borne the brunt. The shift is partly a flight to the perceived safety of bitcoin during uncertain macro times, and partly a reaction to the lackluster demand for Ethereum-based ETFs. Spot ether ETFs have seen net outflows for several consecutive weeks, reversing the inflows that followed their launch. Investors appear to be treating bitcoin as a digital gold proxy while sidelining ETH.
ETF outflows and macro headwinds
Persistent ETF outflows are a key driver of ether's weakness. The funds, which were supposed to open the door for institutional money, have instead become an exit ramp for many holders. On top of that, the macro environment hasn't helped. Higher-for-longer interest rates and a strong dollar have weighed on risk assets across the board. Crypto hasn't been spared. Ethereum, with its higher beta to risk-on sentiment, has taken a bigger hit than bitcoin.
The next major event on the calendar is the Ethereum upgrade planned for later this quarter, which developers say will improve scalability. But past upgrades haven't stopped the slide. Traders are watching for a catalyst — either a shift in Fed policy or a breakout in ETF flows — that could reverse the trend. For now, ETH remains stuck in a downtrend, and the relative weakness against bitcoin suggests the pain isn't over yet.
