Here’s something different. The Ethereum/Bitcoin ratio pattern just changed and it may be something to watch. For the last few weeks, Ethereum has been looking like high-beta Bitcoin. When Bitcoin went up, Ethereum went up more. When Bitcoin went down, Ethereum went down more.

This was starting to catch the attention of a lot of people on Wall Street. And, in general, there’s been a lot of attention paid to Ethereum’s relative strength — particularly on the way up. 

But for the first time in a while, we seem to have a crypto cycle that’s centered on Bitcoin, with the most-likely catalyst being the El Salvador news re-centering people’s attention. 

So you can see that since yesterday’s low, we’ve had a huge surge in Bitcoin off the bottom and at the same time the Ethereum/Bitcoin ratio has tumbled. Anyway, it’s something to watch to see if this is the start of a new narrative or a one-day blip. 

One other interesting development is that Solana, which backs an Ethereum competitor, just had a huge fundraising round, which may be further slowing some of ETH’s momentum.