$350M in Ethereum exits exchanges as Q4 battle with Bitcoin begins
The market has preferred Ethereum over Bitcoin in Q3, but the trend could face a test in Q4. Technically speaking, the ETH/BTC ratio is set to finish the quarter more than 19% higher, the first ETH-driven outperformance since the third quarter of 2025. But the real question is whether Ethereum will be able to maintain its lead as the market enters the fourth quarter. According to CoinGlass, the fourth quarter has traditionally been Bitcoins strongest quarter, with average gains of more than 77%. Ethereum, in comparison, has delivered an average Q4 ROI of around 18%. This seasonal disparity could become a major headwind for ETH/BTC, especially after Ethereums strong Q3 rally. Source: TradingView (ETH/BTC) More importantly, the historical data shows another key pattern. Bitcoin has outperformed Ethereum in 8 out of the last 9 Q4 cycles, with 2021 being the only exception. Besides, BTC has typically posted lower losses in bear markets. This dynamic suggests that Bitcoin is consistently resilient in both bullish and bearish environments, gaining more ground during risk-on periods and posting lower losses during risk-off ones. According to AMBCrypto, this scenario is even more relevant in the current macro setup. Q4 is expected to start with elevated volatility. If the risk appetite decreases, then Bitcoins









