Bybit Report: As ETH performance slows, the ETH/BTC volatility ratio may gradually return

According to Bybit's monthly report, Ethereum's price surged from $2,400 to nearly $4,000 in July 2025, a 58% increase. This drove the ETH/BTC at-the-money implied volatility ratio from 1.63 to 2.2. Despite Bitcoin reaching an all-time high of $123,000, its volatility continued to decline, with the 30-day at-the-money implied volatility remaining at a historical low. This indicates that market expectations for BTC's volatile price swings have significantly decreased, while ETH, with its higher volatility and speculative nature, has attracted more investor attention. The report predicts that as ETH's performance slows, the ETH/BTC volatility ratio may gradually return to its normal level.