ETH/BTC Shows Early Signs Of Market Shift

While all eyes remain fixed on bitcoin in dollars, a discreet indicator could well announce a major shift: the ETH/BTC ratio. According to Michaël van de Poppe, this ratio reached a low in April 2025, in a chart configuration reminiscent of 2019. If history were to repeat itself, Ethereum could begin a strong comeback against bitcoin, without the majority of investors yet realizing this latent change.

A reversal signal on the ETH/BTC ratio ?

Crypto analyst Michaël van de Poppe states on X that “the ETH/BTC ratio reached a low in April 2025”, around the 0.017 threshold, before starting a recovery phase, while Ethereum could become the Linux of Web3 according to Vitalik Buterin.

According to him, this dynamic mirrors that observed during the 2019 bull cycle. Since this low, the ratio has risen to 0.043 in August, before slightly correcting to 0.034 early this year.

Van de Poppe states that, despite four years of Ethereum underperformance against Bitcoin, “we are already in an Ethereum market”. The evolution of the ETH/BTC ratio, which measures Ethereum’s relative strength compared to Bitcoin, is thus presented as a leading indicator of a possible overall reversal.

This technical reading relies on several key signals observed since spring 2025 :

• A confirmed low in April 2025, around 0.017, followed by a rebound to 0.043 in August ;

• A break above the 365-day moving average, traditionally seen as a major technical threshold ;

• A return of contrarian sentiment, according to van de Poppe : “ETH is declared dead”, a perception which historically often preceded bullish phases in the market ;

• A correction of the ratio to 0.034 in October, caused by a global market crash, but without returning to the April low, which could suggest a still intact recovery structure.

Taken together, these elements support the idea that ETH/BTC could have started a new cycle, contrary to dominant perceptions.

Fundamentals in support of an Ethereum recovery

Beyond technical analysis, several fundamental indicators also seem to support an Ethereum recovery.

First, the stablecoin ecosystem experienced spectacular growth in 2025. Van de Poppe notes that “the supply of stablecoins on Ethereum has increased by more than 65 % this year”, and has now doubled compared to its previous peak in 2021.

According to DefiLlama data, the total market capitalization of stablecoins on Ethereum currently exceeds 163.9 billion dollars, with 52 % dominated by Tether’s USDT stablecoin. This growth reflects renewed interest in the Ethereum infrastructure, both as a payment network and as a foundation of decentralized finance.

Another strong signal is that the volume of stablecoin transfers on Ethereum reached 8 trillion dollars in Q4 2024 alone, according to Token Terminal data. Added to this is the rise of tokenized real-world assets (Real World Assets, or RWA), which use Ethereum as a platform to digitize traditional assets such as real estate or bonds.

These dynamics are reinforced by sustained developer activity on the network, a factor often correlated with innovation and future adoption. All these elements strengthen the idea of a solid foundation for a potential market reversal in favor of Ethereum.

Ethereum dominates DeFi in 2025, strengthening its position at the heart of decentralized financial infrastructures. If the low of the ETH/BTC ratio last April is confirmed as an inflection point, this could mark a resurgence of strategic interest in the asset.