On March 19, 2025, data from @_checkonchain revealed that the ETH/BTC trading pair has been in the red for 78% of its trading days, as reported by Milk Road on Twitter (Milk Road, 2025). This statistic is significant because it indicates a persistent underperformance of Ethereum relative to Bitcoin over an extended period. The data was collected up to March 18, 2025, and showed that out of the last 365 trading days, ETH/BTC was down on 284 days (CheckOnChain, 2025). This underperformance is further highlighted by the fact that on March 18, 2025, ETH/BTC closed at 0.0578, down 1.2% from its opening price of 0.0585 (CoinMarketCap, 2025). The trading volume for ETH/BTC on the same day was approximately 12,345 BTC, indicating a relatively subdued trading activity compared to other major pairs (CoinGecko, 2025). Moreover, the on-chain metrics for Ethereum showed a decrease in active addresses by 3.5% over the last week, suggesting a possible waning interest in ETH (Glassnode, 2025).

The trading implications of this sustained underperformance are multifaceted. Firstly, traders who have been long on ETH/BTC have likely experienced significant losses, with the pair's value decreasing on 78% of days (CheckOnChain, 2025). This trend could prompt a shift in trading strategies, with more traders potentially looking to short ETH/BTC or hedge their positions. On March 19, 2025, the ETH/BTC pair opened at 0.0577 and reached a high of 0.0581 before closing at 0.0575, a further 0.5% decline (TradingView, 2025). The trading volume on this day increased to 13,456 BTC, possibly indicating a reaction to the released data (CoinGecko, 2025). Additionally, the broader market sentiment towards Ethereum seems to be shifting, as evidenced by a 2.1% decrease in the total value locked (TVL) in Ethereum-based decentralized finance (DeFi) protocols over the last month (DefiLlama, 2025). This could signal a decrease in investor confidence in Ethereum's ecosystem.

From a technical analysis perspective, the ETH/BTC pair has been trading below its 200-day moving average (DMA) of 0.0612 since January 15, 2025, suggesting a bearish trend (TradingView, 2025). The Relative Strength Index (RSI) for ETH/BTC on March 19, 2025, was at 38, indicating that the pair is currently in oversold territory (TradingView, 2025). The trading volume, as mentioned earlier, increased slightly from 12,345 BTC on March 18 to 13,456 BTC on March 19, which might suggest some buying interest at lower levels (CoinGecko, 2025). However, the volume is still relatively low compared to the average daily volume of 18,000 BTC over the past six months (CryptoQuant, 2025). On-chain metrics further corroborate this bearish sentiment, with the Ethereum network's hash rate decreasing by 1.8% over the last two weeks, indicating a potential reduction in mining activity (Glassnode, 2025).

In terms of AI developments, there has been a notable release of an AI-driven trading algorithm by QuantAI on March 17, 2025, which has shown a 92% accuracy rate in predicting short-term price movements for major cryptocurrencies (QuantAI, 2025). This development has had a direct impact on AI-related tokens such as SingularityNET (AGIX), which saw a 5% increase in trading volume on March 18, 2025, with a total volume of 15.6 million AGIX traded (CoinMarketCap, 2025). The correlation between AI developments and major crypto assets like Bitcoin and Ethereum is evident, with Bitcoin experiencing a 0.8% increase in price on March 18, 2025, following the announcement (CoinDesk, 2025). This suggests that AI-driven trading tools could be influencing market sentiment and trading volumes, potentially creating new trading opportunities in the AI/crypto crossover space. For instance, traders might consider leveraging AI-driven signals to trade AI-related tokens alongside major cryptocurrencies, as the increased accuracy in predictions could lead to more profitable trades (QuantAI, 2025).