The ETH/BTC ratio appeared to have bottomed in April, similar to what played out in 2019. Development activity on Ethereum is still strong, and more value is flowing into tokenized assets on the network.
While the market’s attention is elsewhere for now, ETH could just walk up into success soon.
ETH/BTC cycle set to shift?
The ETH/BTC pair has trended lower for nearly four years, leading many to write off Ethereum’s [ETH] relative performance.
That downtrend appears to have stalled in April 2025, when the ratio found a base and began to stabilize.
Source: X
Market analyst Michael van de Poppe has drawn comparisons to the 2019 cycle, when ETH/BTC also bottomed after an extended slide before entering a recovery phase.
Since April, price has remained constructive, with higher lows forming on the chart. While the move has been gradual, Ethereum may be coming out of its weakest phase relative to Bitcoin [BTC].
Stablecoins on Ethereum
While ETH’s price has struggled, stablecoin balances on the network have surged. Supply on Ethereum rose by more than 65% over 2025 and is now roughly double its previous peak from 2021.
Source: DeFiLlama
This matters because stablecoins often act as idle capital. Rising balance means users and institutions are still placing value on Ethereum.
Van de Poppe sees this as constructive, with growing stablecoin liquidity usually coming before greater activity numbers.
The backbone is intact
Stablecoins on Ethereum now account for roughly $160-170 billion in market value, per DeFiLlama. This is the highest level on record and well above previous cycle peaks.
This expansion has continued even with ETH’s price being range-bound.
Usage has followed the same pace. Stablecoin transfer volume on Ethereum crossed $8 trillion in Q4 2025, a new ATH.
Source: Token Terminal
Ethereum is still functioning as the settlement layer of choice for dollar-denominated activity.
Final Thoughts
- ETH/BTC may have bottomed in April; Ethereum looks like it’s recovering.
- The network’s settlement role remains firmly intact.
