Ethereum has been quietly gaining ground on Bitcoin, and the scoreboard now reflects it. The ETH/BTC trading ratio climbed to approximately 0.03 on July 27, marking its highest level in three months.

Over the past month, ETH has gained roughly 24%. Bitcoin, by comparison, managed about 8%.

The ratio tells a bigger story

For months, that compass was pointing firmly toward Bitcoin. The ratio sank to around 0.028 in February 2026. Now it’s climbed back above 0.03, though still well below the 0.038 level it touched in January 2026.

The ratio has traded above the 200-day simple moving average for the first time since January. ETH has bounced more than 20% since its June 6 low.

Institutional money is putting its chips on ETH

Bitmine Immersion Technologies, which describes itself as the largest Ethereum treasury company, added 9,946 ETH to its holdings in the week prior, a purchase valued at roughly $19.4 million. That brought Bitmine’s total Ethereum stash to 5.79 million ETH, roughly 4.8% of the entire circulating supply. The total value of Bitmine’s crypto and cash holdings sits at approximately $11.8 billion.

Tom Lee, Bitmine’s Chairman, pointed to the rising ETH/BTC ratio as a bullish indicator for cryptocurrency prices moving forward.

Lee’s optimism comes despite what he noted were diminishing odds for the CLARITY Act.

What this means for investors

Bitcoin dominance currently sits at about 59%. The ETH/BTC ratio at 0.03 is still meaningfully below January’s 0.038 level, representing roughly 27% of upside just to reclaim the previous high.