Whenever the price of Ethereum approaches 0.03 per bitcoin (BTC), it usually means that something entertaining is happening or about to happen in crypto. The price level is notable for many reasons and somewhat storied in crypto history.
From its debut in 2015 through the spring of 2016 — long before crypto was mainstream — Ethereum tried to gain listings on exchanges catering almost exclusively to BTC purists who scoffed at the fledgling project.
Struggling to even attain a single-digit dollar price, ether (ETH) tried to breach the 0.03 per BTC ceiling on two, failed occasions in March and May.
Efforts to ascend languished for another year. Then finally, in the spring of 2017, Ethereum’s lead founder Vitalik Buterin convinced enough investors to take an interest in the project above 0.03 per BTC.
His catalyst? Ethereum’s ERC-20 standard and its associated initial coin offerings (ICOs).
ETH tried to breach the 0.03 per BTC ceiling on two, failed occasions in March and May.
ICO-related chaos ensued as bonafide companies tried to raise financing in an ICO using ERC-20 tokens that violated innumerable exchange listing, brokering, dealing, clearing, and settling rules.
Soon, Ethereum promoters wisened to Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) rules and invented the “utility token,” a euphemism for capital-raising ICOs that would skirt regulations by disclaiming responsibility for operating an enterprise.
ICOs win the first battle above 0.03
Despite then-SEC Chairman Jay Clayton concluding, “Every ICO I have seen is a security,” and the founder of the SEC Office of Internet Enforcement agreeing, “Every single ICO I ever saw was unlawful on multiple levels,” the financial success of ICOs was undeniable.
In 2017, ICOs rallied to market capitalizations of hundreds of billions of dollars and drove ETH speculators to send the ETH/BTC ratio to its all-time high of 0.15.
Some proclaimed that the 0.03 ceiling had permanently shattered but by 2018, the ETH/BTC pair had given back 80% of its ICO-fueled gains.
By 2018 and through late 2020, ETH struggled to stay above 0.03 per BTC. DeFi summer and NFTs were brief blips on the timeline of otherwise slow decay.
Read more: Here’s why Ethereum 2 staking is risky and increases centralization
Death of ETH parties at 0.03 ETH/BTC
With the advent of social audio in 2020 via apps like Twitter Spaces, Clubhouse, Facebook Audio, Discord Chat, Fireside, and Spotify Greenroom, the crypto community began to host internet hangouts and discuss events in real time.
As ETH finally declined below 0.03 per BTC again in early January 2021, Udi Wertheimer hosted a “death of Ethereum” party on Clubhouse that gained popularity not just for its attendance but also its demarcation of the precise low of that ratio for the next four years.
His poor timing of that January 2021 ETH/BTC 0.03 party was so ironic that he decided to set a reminder to host another “Death of ETH” party to commemorate his mistiming.
Although it took four years, the ratio has retraced its rally. Slowly, from 2021 through the end of 2024, ETH steadily declined in BTC terms. By January 19, 2025, ETH finally had crashed back down to precisely 0.03 per BTC again.
Waking up in the middle of the night on his pre-set alarm, Wertheimer hosted another multi-hour social audio celebration — this time on Twitter Spaces.
The party drew attention from some of Ethereum’s top leaders who took a moment to laugh at Buterin’s desperate attempts to hold the line. As the price of ETH had been cratering toward 0.03, Buterin promised to initiate a moratorium on Ethereum Foundation token sales, institute a series of cringe-worthy cultural changes, and fire some of the leadership at his organization.
Still not outperforming bitcoin
Onlookers couldn’t help but laugh at the irony of 2025’s return to 0.03 ETH/BTC, creating yet another chapter in the decade-long saga of ETH’s failed quest to outperform or displace BTC’s market share.
On his tongue-in-cheek “Death of ETH” party, several hosts suggested that Buterin simply dissolve the Ethereum Foundation entirely and burn its massive stash of ETH. At least a decrease in supply would positively impact the price of ETH and defend the 0.03 line in the sand, they jeered.
As of publication time, ETH is trading near 0.03 per BTC and is in a multi-year downtrend. If history is any guide, expect more entertaining antics as traders battle with this psychologically important price level. As long as ETH tries to hold the line, there will be drama worth watching.
