One ether bought about 2.3% more bitcoin on November 3 than on October 29, lifting the ETH/BTC ratio to roughly 0.02954, its highest level in CoinGecko’s seven-day snapshot. Between the November 1 and November 2 closes, bitcoin fell about 2.0%, from $78,248 to $76,677, while ether declined by only 1.1%, from $2,273 to $2,249. The relative performance meant an ether holder could obtain nearly 1% more bitcoin despite losing dollar value. ONDO, which grants governance rights in the Ondo DAO and Flux Finance, fell much more sharply, dropping 4.5% to $0.38600; priced in ether, one ONDO bought about 3.5% less ether. Establishing the durability of the ETH-beta trade will require tracking the ETH/BTC and ONDO/ETH ratios over several sessions.
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