Ethereum’s ETHBTC ratio takes a steep dive one year after its historic merge

In just one year, the Ethereum network has undergone a major shift with the burning of over 4 million ETH, theoretically escalating its scarcity. Yet, even amidst these unprecedented developments, the ETHBTC ratio, a critical gauge of Ethereum's performance against Bitcoin, has seen an 18% decline. This unexpected downturn is pushing towards the lowest weekly close of the year... How could such significant burn of Ethereum not bolster the ETHBTC ratio?

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