ETH/BTC just dropped to 0.02934 (down ~4.4% this month) and the more I look at the data the more it feels like BTC and ETH aren’t even playing the same game right now

April made it seem like everything was recovering together, but under the hood it’s pretty different

For BTC it’s been steady institutions buying, coins leaving exchanges, less sell pressure, actual demand driving the move. It pushed back above 80k and it looks like real buyers are there

ETH on the other hand feels messy exchange flows all over the place, no clear sign of strong new capital coming in, and the price action feels more reactive than anything else

That 0.02934 ratio drop kind of lines up with earlier phases of cycles where BTC leads and alts lag before any real rotation happens

So now I’m wondering if this is just the usual “BTC first, alts later” setup or if ETH is actually losing strength this cycle compared to before

What do you think is this just a normal phase or something different this time?