Bitcoin's four-year compound annual growth rate (CAGR) has fallen to a record low of 8%, according to Glassnode data. This four-year period was chosen to align with Bitcoin's halving cycle and the typical bull/bear market phase. In March 2021, Bitcoin traded at around $60,000, near a previous market cycle's peak, while the current valuation of approximately $80,000 may indicate a cycle bottom. The drop in CAGR is attributed to decreasing volatility and returns as the asset matures. In contrast, the Ethereum-to-Bitcoin ratio (ETH/BTC) has entered negative CAGR territory at -6%, demonstrating Ethereum's underperformance since February 2021, with its price remaining below $2,000. The ETH/BTC ratio currently sits at 0.022, the lowest since late 2020, signaling significant market shifts between these two major cryptocurrencies.

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