ETH/BTC looks promising – Is Ethereum set to surge?

ambcrypto發佈於 2026-01-12更新於 2026-01-12

文章摘要

The ETH/BTC ratio appears to have bottomed in April 2025, similar to the pattern observed in 2019, suggesting a potential shift in Ethereum's performance relative to Bitcoin. Despite a nearly four-year downtrend, the ratio has stabilized and formed higher lows, indicating a constructive recovery phase. Key factors supporting Ethereum’s strength include a significant increase in stablecoin activity on the network. Stablecoin supply on Ethereum surged by over 65% in 2025, reaching roughly double its previous 2021 peak, with a market value of $160–170 billion—the highest on record. This growth suggests strong institutional and user confidence, as stablecoins often represent idle capital poised for future activity. Additionally, Ethereum continues to serve as the leading settlement layer for dollar-denominated transactions. Stablecoin transfer volume on the network reached a new all-time high of $8 trillion in Q4 2025, underscoring its foundational role in crypto liquidity and usage. With development activity remaining robust and on-chain metrics strengthening, Ethereum may be poised for a bullish breakout relative to Bitcoin.

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. According to Token Terminal, 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.
Next: Ethereum: 2 factors strengthening ETH’s potential bullish breakout
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相關問答

QWhat key indicator suggests that the ETH/BTC ratio may have bottomed in April 2025?

AThe ETH/BTC ratio found a base and began to stabilize in April 2025, with higher lows forming on the chart, similar to the pattern observed in 2019.

QHow much did the stablecoin supply on Ethereum increase by in 2025, and why is this significant?

AThe stablecoin supply on Ethereum rose by more than 65% in 2025, reaching roughly double its previous peak from 2021. This is significant because stablecoins represent idle capital, and rising balances indicate that users and institutions continue to place value on the Ethereum network.

QWhat was the approximate market value of stablecoins on Ethereum as per DeFiLlama?

AStablecoins on Ethereum accounted for roughly $160-170 billion in market value, which is the highest level on record and well above previous cycle peaks.

QHow much stablecoin transfer volume was recorded on Ethereum in Q4 2025, and what does this indicate?

AStablecoin transfer volume on Ethereum crossed $8 trillion in Q4 2025, setting a new all-time high. This indicates that Ethereum remains the preferred settlement layer for dollar-denominated activity.

QAccording to the article, what two factors strengthen Ethereum's potential for a bullish breakout?

AThe two factors are: 1) The ETH/BTC ratio may have bottomed, showing signs of recovery, and 2) The network's settlement role remains firmly intact, supported by growing stablecoin liquidity and transfer volume.

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