The ratio between ether and bitcoin's dollar-denominated prices has reached a three-year low, with year-to-date losses of almost 16%. This is due to factors such as uncertainty regarding the launch of a spot ETH ETF in the US and the rise of Ethereum competitors like Solana. The reduced demand for exchange-traded products tied to ether has also contributed to the decline. The SEC has yet to approve a spot ETF on or before May 31, with traders on decentralized betting platform Polymarket giving it just a 10% chance of approval.