MKR/ETH Ratio Expands +64% Over 90 Days — Maker Rewrites Its Relationship With Ethereum
MKR has gained +16.6% over 90 days while ETH has lost -29.0%, a spread of nearly 4,600 basis points — but the ratio tells an even sharper story: the MKR/ETH price ratio expanded from 0.474 on January 19 to 0.778 on April 19, a +64.1% relative re-rating. This is extraordinary for two assets that historically move in lockstep, implying a structural re-rating of MKR's fundamentals independent of ETH.
Supporting 6 queries
To surface this insight, Baselight ran 6 queries across its structured data. Each one is reproducible — open it, read the SQL, and rerun it yourself.
Conclusion
MKR Jan 19 = $1,510.93, Apr 19 = $1,762.03; ret = +16.6%. ETH Jan 19 = $3,187.98, Apr 19 = $2,264.30; ret = -29.0%. MKR/ETH ratio: Jan 19 = 0.4739, Apr 19 = 0.7782; ratio change = +64.1% — a new 90-day high for the ratio. MKR pct from 90d high ($1,983.13) = -11.2%; ETH pct from 90d high ($3,187.98) = -29.0%.