The ETH/BTC ratio appeared to bottom out in April, similar to what happened 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 see success soon.
ETH/BTC cycle about to shift?
The ETH/BTC pair has been trending lower for almost four years, causing many to write off the Ethereum pair [ETH] relative performance.
That downward trend appears to have stalled in April 2025, when the ratio found a base and began to stabilize.
Source:
Market analyst Michael van de Poppe has drawn comparisons to the 2019 cycle, when ETH/BTC also bottomed after a prolonged decline before entering a recovery phase.
Since April, price has remained constructive, with higher lows on the chart. Although the move has been gradual, Ethereum may be coming out of its weakest phase against Bitcoin [BTC].
Stable coins on Ethereum
While the price of ETH is struggling, the stablecoin is balancing on the network have increased. Supply on Ethereum has increased by more than 65% in 2025 and is now about double the previous peak from 2021.
Source: DeFiLlama
This is important because stablecoins often act as inactive capital. A rising balance means that users and institutions still value Ethereum.
Van de Poppe sees this as constructive, with the growing liquidity of stablecoins usually preceding greater activity numbers.
The spine is intact
Stablecoins on Ethereum now represent approximately $160-170 billion in market value, according to DeFiLlama. This is the highest level ever measured and well above the peaks from the previous cycle.
This expansion has continued even as the price of ETH is within a certain range.
Usage has followed the same pace. According to TokenTerminal, Stablecoin transfer volume on Ethereum exceeded $8 trillion in the fourth quarter of 2025, a new ATH.
Source: Token terminal
Ethereum still functions as the layer of choice for dollar-denominated activities.
Final thoughts
- ETH/BTC may have bottomed in April; Ethereum seems to be recovering.
- The network’s settlement role remains firmly intact.