Start with a paper strip that is 1/8 of the width of the sheet

Fold the strip in half, lengthwise

Unfold, taking note of center crease

Now fold in half, top to bottom

Fold the corners in (crease side)

Unfold the corner and prepare to fold in the triangular area (pocket fold)

I find that it's easier to push in the triangular area so that it's shape is well defined.

This is how it looks when you properly fold in the corner

Do the same pocket fold to the other corner

Now we are going to fold the bottom edge of one side up, stopping at the edge of the triangle formed by the pocket folds

Fold the other side the same way

Fold in the corners again

Fold in the corners on the other side

Next we will fold again the bottom edge up and over the triangle formed

Fold the other side the same way

Now we are gonna fold up starting about 1/3 the way up the triangle inside

Fold the other side the same way

Fold in the corners flush with the triangle's outer edge

Open up and pocket fold in

Do the same to the other three corners

This is how ot looks so far

Side view of how it looks so far

Fold lengthwise starting with a corner

Fold the other side the same way

Flip over and do the same to the other side

Using your index finger and thumb, carefully squeeze and pull the ring part so it can make a better loop

Cut or tear the ring parts so that they fit

Slide one end into the other.

The butterfly ring is complete