Bitget Research Institute: The ETH/BTC ratio has broken through the 200-day moving average for the first time, and ETH is expected to reach up to $10,000 in the fourth quarter

ChainCatcher news, Ryan Lee, the chief analyst at Bitget Research Institute, stated that Ethereum has recently risen nearly 60%, breaking through $3,800, mainly benefiting from institutional capital inflows and increased on-chain activity, showing significant signs of structural strengthening. Notably, the ETH/BTC ratio has broken the 200-day moving average for the first time in a year, indicating that Ethereum is entering a relatively strong cycle.

Last week, the total net inflow of ETH-related spot and derivatives reached $2.4 billion, with on-chain whale addresses continuously increasing their holdings. Meanwhile, market expectations for the Ethereum ecosystem, especially core applications like DeFi, are heating up, driving a structural migration of funds towards ETH. In contrast, Bitcoin, while steadily operating above $119,000, remains technically sound and has received some institutional support, but ETF funds have seen a slight outflow, and market momentum has significantly weakened compared to ETH, with funds rotating towards mainstream altcoin sectors.

If the current trend continues, ETH is expected to challenge the $5,500--$6,500 range in the fourth quarter of 2025, and if institutional demand persists, it may reach up to $10,000; while BTC is expected to rise to the $140,000--$160,000 range by the end of the year.