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ETH/BTC just hit 0.026 for the first time since March 2016. Let that sink in. This ratio is pricing Ethereum relative to Bitcoin exactly as it was BEFORE DeFi, BEFORE NFTs, and BEFORE L2s even existed. Back then, ETH's market cap was just $1.2 billion. Today, we have a multi-trillion dollar infrastructure stack, yet the market is valuing ETH's position against BTC as if none of it ever happened. That's either the most glaring inefficiency in crypto, or a decade of development has added ZERO relative value. 🧠 Here's where it gets psychological. 32.4% of all ETH supply is now staked at an ALL-TIME HIGH, with queue deposits outpacing withdrawals by 1,261x. That is not a market that wants to sell. Meanwhile, BitMine is sitting on 5.42 million ETH—4.5% of the entire supply—with an average cost basis of $3,476. They're down roughly $9 billion on paper, and instead of panicking, they just filed to raise $300 million in 9.5% preferred shares to BUY MORE. On the same day BitMine scooped 26,497 ETH, BlackRock deposited 17,511 ETH into Coinbase. The float is being squeezed into an ever-shrinking window, while $2.4 billion in ETF outflows over 5 months has already been absorbed. 💀 The daily RSI is LOWER than during COVID, LOWER than the FTX collapse, and LOWER than the tariff crisis. Either this is a value trap of epic proportions, or this is the most asymmetric long setup ETH has ever recorded. Stop trading the ratio. Start deciding whose bet you're on—BitMine's conviction or the market's despair. 🚀🔥 #ETH #BTC #Crypto #Ethereum #Bitcoin #DeFi #NFT