Ethereum's price has fallen to a three-year low compared to Bitcoin, with the ETH/BTC ratio at 0.04563, down 16% since the start of the year. Contributing factors include reduced demand for Ethereum-related exchange-traded products and uncertainties around the approval of a spot Ethereum ETF by the SEC. The rise of competitive Layer-1 networks like Solana and clear regulatory paths for Bitcoin ETFs have further impacted Ethereum's position in the market.

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