- Ether (ETH) bottomed in April 2025 and its price action is said to mirror the 2019 cycle.
- “The stablecoin supply on Ethereum has seen an increase of more than 65% in 2025. It’s doubled since the peak in 2021,” an analyst wrote on X.
- The total stablecoin market cap on Ethereum exceeds $163.9 billion, with about 52% held as USDT from Tether.
- Ethereum handled roughly $8 trillion in stablecoin transfer volume in Q4 2024, according to Token Terminal.
- The ETH–BTC ratio bottomed near 0.017 in April, rallied to 0.043 in August, and sat around 0.034 after an October market-wide crash.
Analyst Michael Van De Poppe said Ether (ETH) hit a bottom in April 2025 and that current price action resembles the 2019 cycle. He cited a rise in stablecoins, tokenized real-world assets and developer activity on the Ethereum network as reasons for a bullish view, as he wrote on X.
The analyst noted, “The stablecoin supply on Ethereum has seen an increase of more than 65% in 2025. It’s doubled since the peak in 2021,” in his post. Data show the total stablecoin market capitalization on Ethereum tops $163.9 billion, with about 52% of that held as USDT from Tether, according to DeFiLlama.
On-chain activity also appears large: Ethereum processed about $8 trillion in stablecoin transfer volume in Q4 2024, per Token Terminal. Price action briefly pushed ETH above $3,300 and past its 365-day moving average before retreating to roughly $3,100; a chart shows the short-lived move above the EMA on Binance%3AETHUSD”>TradingView.
Van De Poppe also highlighted the ETH–BTC ratio, saying, “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,” in another post on X. That ratio bottomed near 0.017 in April, rose to about 0.043 in August 2025, and was near 0.034 following an October market-wide crash. Current investor sentiment patterns mirror those that preceded earlier rallies, according to Santiment.
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