ETH/BTC ratio hits 2025 high as spot Ethereum ETFs draw major inflows, treasuries surpass 2% of supply

Ethereum’s rally is outpacing bitcoin on the back of heavy spot ETF inflows and newly active corporate treasuries, while bitcoin’s futures and options positioning has shifted more defensive following a hotter-than-expected U.S. producer-price print, according to K33 Research’s latest report dated Aug. 19.

The Oslo-based research firm says ETH has climbed roughly 70% since June 1 versus about 9% for BTC, lifting the ETH/BTC ratio above 0.037 to a new yearly high. K33 attributes ether’s strength to a two-pronged demand shock. U.S. spot ETH ETFs have taken in about $9.4 billion since June 2, and digital asset treasury holdings surpassed 2% of circulating ETH for the first time, up from 0.2% two months ago, The Block’s data dashboard shows.

Together, ETFs and DATs, like Tom Lee's BitMine Immersion and Joe Lubin's SharpLink Gaming , have absorbed around 3.7% of ether’s supply since early June, a notable figure given that ETH’s market value is about one-fifth of bitcoin’s.

The firm also flags concentrated demand for leveraged ether exposure. VolatilityShares’ 2x Ether ETF has grown its ether-equivalent exposure by about 456,000 ETH since June 2 and now represents roughly 61% of CME ETH futures open interest, around 1.14 million ETH-equivalent as of Aug. 18, indicating persistent demand for amplified ETH beta products alongside spot ETF buying.

Bitcoin cool

On the bitcoin side, K33 highlights a clear cooling in listed derivatives after last week’s macro surprise. July PPI rose 0.9% month-on-month versus a 0.2% consensus, an upside shock that knocked BTC from around $121,000 to near $117,700 within minutes and pressured risk assets broadly. Crypto liquidations crossed $1 billion within hours of the data release, as The Block reported .

CME bitcoin futures premiums, which briefly reached double digits at the highs, compressed back to roughly 5.5% annualized by Monday, the report notes. Notional CME open interest ticked up by roughly 4,800 BTC to around 143,000 BTC but remains near early-May lows, while perpetuals open interest sits close to 300,000 BTC. According to K33, this setup can exacerbate squeezes in either direction. One-month options skew climbed to its highest level in nearly two years as traders paid more for downside protection.

Record Q2, soft August

Spot bitcoin ETF assets ended Q2 at a record $134.6 billion, aided by price appreciation and renewed allocations. Institutions disclosed $33.6 billion in holdings via 13F filings, with market-making firms prominent among top owners.

Into August, however, weekly BTC net flows were muted to mildly negative, K33 notes, even as ETH products continued to attract capital. A snapshot from the report shows average daily BTC spot volume near $3.4 billion over the last week and aggregate BTC futures and perpetuals open interest around $59.4 billion. Daily spot activity spiked above $6 billion on Aug. 14 as volatility picked up following the PPI release.

On the asset correlation front, data shows BTC’s 90-day relationship with ETH holding above equilibrium, with softer linkages to gold and the S&P 500, a mix that, in K33’s view, keeps room open for two-way volatility as major resistance levels loom.