BitMine Immersion Technologies vs Ethereum

The price ratio is currently above its 50-day moving average, indicating BMNR has been gaining relative ground recently. The ratio is near its 50-day average, suggesting no significant relative extension. The z-score of -0.09 indicates the ratio is within its normal historical range.

Performance is mixed — ETH-USD leads over the 63-Day timeframe while BMNR has been stronger in the short term (10-Day). This divergence can signal a momentum shift.

These two assets have a near-zero long-term correlation of 0.12. The shorter-term correlation has strengthened to 0.77, suggesting the assets are moving more in sync recently than their long-term pattern. Low correlation suggests these assets can provide meaningful diversification in a portfolio.

ETH-USD has a stronger flow score (60/100 vs 37/100), indicating more consistent accumulation pressure. However, Chaikin Money Flow tells a different story — ETH-USD shows net outflow (-0.18) despite its higher flow score, suggesting the capital picture is more nuanced. ETH-USD is seeing above-average volume (1.2x), adding conviction to its flow signal.

ETH-USD has significantly stronger trend momentum (36/100 vs 19/100), suggesting it is in a more favourable technical position. BMNR carries a better risk profile (70/100 vs 15/100), with lower overall risk metrics. BMNR is 1.8x more volatile than ETH-USD on a 21-day basis (115.8% vs 66.1%), which means larger price swings in either direction. BMNR has experienced a deeper maximum drawdown over the past year (87.1% vs 62.3%), indicating higher tail risk.

BMNR is currently gaining ground against ETH-USD, with the price ratio at 0.01 versus its 50-day average of 0.01. The 200-day z-score of -0.09 is within normal bounds, suggesting ETH-USD may be stretched relative to BMNR. On a flow basis, ETH-USD shows stronger capital accumulation (60 vs 37). ETH-USD carries lower short-term volatility (+66.1% vs +115.8% 21-day), with max drawdowns of -87.1% and -62.3% respectively. With a 63-day correlation of 0.77, these assets move closely together — limiting diversification benefit. Monitor the ratio trend and flow divergence for early signals of a shift in relative leadership.