Ether Down 35% vs Bitcoin; Binance ETH Reserves Rise

Ether has fallen more than 35% against Bitcoin over the past year. In May, Binance’s Ether holdings reached 3.62 million ETH, about 24.6% of the Ether held across all exchanges, while its Bitcoin balances declined, according to data from CryptoQuant.

The ETH/BTC pair remains below a long-running descending trend line that has capped breakout attempts since 2022. The pair retested that trend line in August 2025 and was rejected near a cluster of resistance that included the 0.382 Fibonacci retracement level and the 50-month exponential moving average. After that rejection, ETH/BTC slipped below its 20-month exponential moving average, near 0.034 BTC.

Chart analysts identify a downside target around 0.0176 BTC for 2026, roughly 40% below current levels. A similar technical setup preceded an almost 70% decline in the pair between 2024 and 2025.

Exchange ledger data show a widening supply gap between the two tokens on Binance. CryptoQuant figures put Binance’s Ether reserves at 3.62 million ETH in May, representing about 24.6% of exchange-held Ether. Over the same period, Bitcoin reserves on the exchange fell. Higher exchange balances indicate more tokens are available to be sold; falling balances often reflect transfers to cold storage or longer-term custody.

Market participants point to changing demand dynamics. Ethereum’s narrative around token scarcity and fee-burning has weakened in recent cycles, while Bitcoin has continued to record corporate and institutional purchases.

Data providers and chart analysts caution that on-chain metrics and moving averages are only part of the information set for price outcomes. They say macro conditions, regulatory developments and shifts in investor appetite can also affect future moves. CryptoQuant supplied the exchange-reserve figures cited above.