eth/btc just hit 3-year lows. bargain or structural decline?

eth/btc is around 0.028 right now, down ~60% from the 2022 peak. btc dominance is back above 60%.

there are two reads and i can’t decide which one’s right: either this is classic mean reversion (btc peaks → eth leads the next rotation), or eth has genuinely lost its edge while btc locked in the “digital gold” + ETF narrative. l2s are booming, but value capture feels weaker. sentiment is terrible, which is usually interesting… or dangerous.

for people watching the ratio: is this where you start accumulating eth, or is the thesis actually broken?