A ratio comparing the price of <-bsp-bb-link state="{"bbHref":"bbg://securities/XBTUSD%20BGN%20Curncy/GP","_id":"0000018e-b02c-d32b-a5ff-bb3c25180000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Bitcoin-bsp-bb-link>, the largest digital asset, with second-ranked <-bsp-bb-link state="{"bbHref":"bbg://securities/XETUSD%20BGN%20Curncy/GP","_id":"0000018e-b02c-d32b-a5ff-bb3c25180001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Ether-bsp-bb-link> hints at a possible waning of risk appetite in crypto.

The ratio scaled 20 this week and reached the highest level since April 2021, reflecting more resilient demand for the oldest cryptocurrency rather than the smaller rival.

This pattern could be “a very early signal” of FOMO — or fear of missing out — morphing into “fear” if Ether is viewed as a proxy for sentiment toward smaller tokens, crypto asset trading company <-bsp-bb-link state="{"bbHref":"bbg://securities/1773977D%20SP%20Equity","_id":"0000018e-b02c-d32b-a5ff-bb3c25190000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">QCP Capital-bsp-bb-link> wrote in a note on Friday.

Bitcoin reached a …