ETH/BTC RATIO HITS 2025 HIGH AS ETFS AND TREASURIES SOAK SUPPLY

Summary from the TLDR Crypto newsletter

Ethereum has increased 70% since June 1 versus bitcoin's 9%, lifting the ETH/BTC ratio above 0.037 to a new yearly high. The rally largely stems from ~$9.4B of U.S. spot ETH ETF inflows and digital asset treasuries now holding over 2% of ETH supply, up from 0.2% two months ago. Together, ETFs and treasuries have absorbed 3.7% of circulating ETH, while leveraged demand via VolatilityShares' 2x Ether ETF has added 456,000 ETH-equivalent exposure.