Ethereum has fallen to a new yearly low against Bitcoin, showing continued weakness on the $ETH/$BTC chart. However, negative exchange flows and positive spot $ETH ETF inflows suggest that accumulation is still building under the surface.
$ETH/$BTC Hits New Yearly Low as Ethereum Weakness Extends Against Bitcoin
$ETH/$BTC fell to a new yearly low on the daily Binance chart shared by TedPillows, showing Ethereum still losing strength against Bitcoin.
The chart shows $ETH/$BTC trading below the 0.02995 support area after failing to reclaim the 200 day moving averages. The 200 day SMA sits near 0.03168, while the 200 day EMA sits near 0.03109. Both now act as resistance above price.
$ETH/$BTC Daily Price Chart. Source: TedPillows on X
$ETH/$BTC also broke below the recent consolidation range that formed between March and April. That breakdown pushed the pair toward the next visible support near 0.02619.
If $ETH/$BTC fails to hold the 0.02619 level, the chart leaves room for a deeper move toward the lower support zone near 0.02194. That area marked the earlier low before the strong July rally.
TedPillows noted that the new yearly low came despite Tom Lee buying more than $200 million in $ETH every week, according to the post. That makes the chart weaker because institutional buying has not stopped $ETH from underperforming Bitcoin.
For the bullish case to return, $ETH/$BTC would first need to recover 0.02995. Then it would need to break back above the 200 day EMA and SMA near 0.03109 to 0.03168.
Ethereum Exchange Flows Stay Negative as $ETH Accumulation Continues
Ethereum exchange flux balance has stayed negative for most of the past two weeks, according to the Alphractal chart shared by ray on X.
The chart shows the exchange flux balance moving deep below zero, which means more $ETH appears to be leaving exchanges than entering them. In market terms, that often points to accumulation because holders may be moving $ETH away from trading venues.
Ethereum Exchange Flux Balance Chart. Source: Alphractal and ray on X
The blue area has remained negative since late 2025 and pushed to deeper levels in 2026. This shows that exchange outflows have dominated for a long period, even while $ETH price moved through a volatile range.
Ray also noted that spot $ETH ETFs recorded their first positive monthly inflow since launch, with $356 million in April inflows. That adds another accumulation signal, as ETF demand increased while exchange balances stayed negative.
However, the chart does not show a clear price breakout yet. $ETH price has recovered from earlier lows but still moves below the stronger highs from 2025.
For the bullish case to strengthen, $ETH needs continued exchange outflows and stronger ETF demand to match visible price momentum. If the negative exchange flux balance continues, it could reduce available supply on exchanges and support a larger move later.
