Ether/Bitcoin Ratio futures present an efficient way for market participants to trade the relationship between the prices of ether and bitcoin in a single transaction. For example, a trader who believes that ether’s price will outperform bitcoin’s price will buy the contract whereas a trader who expects the opposite will sell the contract. The higher the ratio, the more ether has strengthened relative to bitcoin.
Since the end of April, ether has been going from strength to strength versus bitcoin - 146% return for ether versus 17.12% return for bitcoin.[1] As a result, the Ether/Bitcoin ratio has increased from 0.01797 to 0.041489, almost double the gain and the positive momentum shows no signs of slowing down.
We highlighted ether’s performance back in July, noting that the relationship between this digital pair is rife with relative value and momentum opportunities. Investors can express the view on ether and bitcoin relationship via Ether/Bitcoin Ratio (EBR) futures.
For market participants looking to take advantage of ether’s price outperformance relative to bitcoin, EBR futures provide a way to express their sentiment. Rather than executing two separate trades to realize the spread, the ratio is a packaged solution that captures both relative value and momentum opportunities embedded in the currency pair.
Exhibit 1: Ether/Bitcoin ratio through time
References
[1] Data from April 30, 2025 through August 25, 2025, based on daily settlement prices of Bitcoin (BTC) futures and Ether (ETH) futures from CME Group.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
