The ratio of Bitcoin to Ethereum prices implies that the market's risk appetite for cryptocurrencies may weaken. The Bitcoin-Ethereum price ratio has risen to 20, reaching its highest level since April 2021, reflecting a more elastic demand for Bitcoin in the market, while the opposite is true for Ethereum.

Cryptocurrency trading company QCP Capital said that if Ethereum reflects the market sentiment for smaller tokens, the latest data may be an "early signal" of FOMO sentiment (fear of missing out) turning into fear. As demand for spot Bitcoin ETFs cools down, Bitcoin has fallen about 9% from its recent high. An index that measures small digital assets has also fallen about 20% during the same period. As investors lose interest in cryptocurrencies, Bitcoin may have peaked, including Stifel Nicolaus & Co strategist Barry Bannister, who wrote, "This may also imply that the stock market will weaken."