ETH-BTC ratio bottomed in April, mirrors 2019 cycle: Van de Poppe
Ether (ETH) appears to have formed a bottom in April 2025, with its performance versus Bitcoin (BTC) tracking a pattern similar to the 2019 cycle, according to market analyst Michaël van de Poppe.
Van de Poppe cited accelerating growth in stablecoins, tokenized real-world assets (RWAs) and ongoing developer activity on Ethereum as supporting factors for the outlook. In a post on X on Sunday, he noted that the supply of stablecoins on Ethereum has increased by more than 65% in 2025 and has doubled compared with the 2021 peak.
The stablecoin market cap on Ethereum. Source: DeFiLlama
The total stablecoin market capitalization on Ethereum stands above $163.9 billion, with roughly 52% accounted for by Tether’s USDt (USDT), according to DeFiLlama. Separately, Token Terminal data shows Ethereum processed about $8 trillion in stablecoin transfer volume in Q4 2024 alone.
ETH briefly touched $3,300 and moved above its 365-day moving average before retreating to about $3,100 at the time of publication. You can check its current price here.
ETH popped up above the 365-day EMA before falling back to the $3,100 level. Source: TradingView
ETH-BTC ratio reflects the 2019 cycle
“ETH is called dead, as it has been trending downwards for four years against Bitcoin (BTC). However, since April 2025, it has bottomed out, and we’re already in an Ethereum market,” Van de Poppe said. He shared that the ETH-BTC ratio, which measures ETH’s performance relative to BTC, bottomed around 0.017 in April before rising to a local peak of 0.043 in August 2025. You can read more about it here.
Following a broad market sell-off in October that interrupted the sector’s uptrend, the ratio pulled back to 0.034, the level at the time of writing. Investor sentiment around Ethereum currently resembles patterns that preceded earlier rallies, according to crypto analytics firm Santiment.
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