The ETH/BTC ratio seems to have reached its lowest point in April, mirroring the scenario from 2019. Development activity on Ethereum remains robust, with an increasing flow of value into tokenized assets on the network. As the market focuses on other areas at the moment, ETH may be poised to rise into success shortly. The ETH/BTC pair has been on a downward trajectory for almost four years, prompting many to dismiss Ethereum’s relative performance. In April 2025, the downtrend seems to have halted, as the ratio established a base and started to stabilize. Market analyst Michael van de Poppe has highlighted similarities to the 2019 cycle, noting that ETH/BTC similarly reached a bottom following a prolonged decline before embarking on a recovery phase.
Since April, the price action has shown resilience, with a series of higher lows emerging on the chart. Ethereum appears to be emerging from its weakest phase in comparison to Bitcoin, albeit gradually. Stablecoins operating on the Ethereum blockchain Despite ETH’s price facing challenges, there has been a notable increase in stablecoin balances on the network. Ethereum’s supply surged by over 65% in 2025, now standing at approximately twice its previous high from 2021. This is significant as stablecoins frequently serve as dormant assets. The increasing balance indicates that both users and institutions continue to recognize the value of Ethereum.
Van de Poppe views this as a positive development, noting that an increase in stablecoin liquidity typically precedes higher activity metrics. According to DeFiLlama, stablecoins on Ethereum currently hold an estimated market value of approximately $160-170 billion. This marks the highest level ever recorded, significantly surpassing previous cycle peaks. This expansion has persisted despite ETH’s price remaining range-bound. Usage has maintained a consistent trajectory. Token Terminal reports that stablecoin transfer volume on Ethereum has surpassed $8 trillion in Q4 2025, marking a new all-time high.
Ethereum continues to serve as the preferred settlement layer for dollar-denominated transactions. ETH/BTC appears to have found a bottom in April; Ethereum seems to be on the path to recovery. The network’s settlement role continues to be robust and unwavering.