The BTC/Silver ratio has just returned to the bottom zone formed after the FTX crash and the end-2022 bear market — a valuation milestone that once reflected a market sentiment at its lowest point.

Notably, this is also the first area where a relief bounce has appeared, indicating that capital has reacted when the ratio reached a level considered “attractive” in the past.
Professional investors often monitor relative valuation to assess whether an asset is overvalued or undervalued compared to other options. When BTC is weaker than silver, it can be a sign of decreased risk appetite; conversely, a recovery in the ratio usually accompanies a return to risk-on sentiment.
Although it’s too early to determine a new trend, the fact that BTC/Silver reacted right at the historical bottom zone shows that the market is still using old valuation benchmarks as reference points.