ETH/BTC hits 0.028 as Ether underperforms the Fed selloff - The Industry Spread

Ethereum’s June 2026 underperformance is driven by macro conditions, with Ether falling more sharply than Bitcoin. The article links Ethereum’s risk behavior to a roughly 0.78 90-day correlation with the Nasdaq 100, compared with Bitcoin’s 0.55, and ties the repricing to the Federal Reserve’s June 17 decision to hold rates at 3.50%–3.75% with a bias toward hikes. The ETH/BTC ratio slipped to about 0.028, a 10-month low and roughly 35% below its August 2025 peak. Ether traded near $1,733 on June 21, down about 32% year-to-date versus Bitcoin’s 11% decline.

Flows into U.S. spot Ether ETFs reinforced the relative weakness. The article cites a 17-day net-outflow streak totaling roughly $708 million that ended June 9, while Ether ETF assets were about $12 billion versus roughly $90 billion for Bitcoin funds. It also argues that product structure has weighed on demand, noting that major issuers launched spot Ether products without in-kind redemptions or staking-yield pass-through. Additional factors include delays to the “Glamsterdam” upgrade, pushed from June to the third quarter of 2026, and continued activity migration to Layer 2 networks. The content references remarks from Bloomberg Intelligence analyst Eric Balchunas.