ETH/BTC at 0.026 for the first time since march 2016. ratio is pricing ethereum the same relative to bitcoin as when it had zero DeFi, zero NFTs, zero L2s, and a $1.2b market cap. meanwhile 32.4% of ETH supply is staked at all-time highs with 1,261x more ETH waiting to enter staking than exit. BitMine holds 5.42m ETH (4.5% of supply) at a $3,476 cost basis, down roughly $9b, and just filed to raise $300m in 9.5% preferred stock to buy more. on the same day BitMine bought 26,497 ETH, BlackRock deposited 17,511 ETH to coinbase. the sellable float is compressing into a smaller and smaller window while $2.4b in ETF money walks out the door over 5 months. daily RSI lower than COVID, lower than FTX collapse, lower than the tariff crash. either a decade of infrastructure development added zero value relative to bitcoin or this is the most asymmetric long setup ETH has printed since its existence. stop trading the ratio. start deciding which side of the BitMine bet you're on.