Ethereum could regain the advantage over Bitcoin: The ETH/BTC ratio raises questions

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 would have reached a low in April 2025, in a graphic configuration reminiscent of that of 2019. If history were to repeat itself, Ethereum could begin a comeback against bitcoin, without the majority of investors having yet taken the measure of this latent change.

A reversal signal on the ETH/BTC ratio?

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

According to him, this dynamic replicates that observed during the bull cycle of 2019. Since this low, the ratio increased to 0.043 in August, before correcting slightly to 0.034 at the start of this year.

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

This technical reading is based on several key signalsobserved since spring 2025:

• A low point confirmed 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, has often preceded bullish phases in the market;

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

These elements, taken together, lend credence to the idea that ETH/BTC may have started a new cycle, contrary to prevailing perceptions.

Fundamentals for an Ethereum recovery

Beyond technical analysis, several fundamental indicators also seem to argue in favor of a recovery for Ethereum.

First, the stablecoin ecosystem saw a dramatic expansion 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 from its previous peak in 2021.

According to data from DefiLlama, the total capitalization of stablecoins on Ethereum currently exceeds $163.9 billion52% of which is dominated by Tether's USDT stablecoin. This growth reflects a renewed interest in the Ethereum infrastructure, as a payment network, but also as a basis for decentralized finance.

Another strong signal is the transfer volume of stablecoins on Ethereum reached $8 trillion in the fourth quarter of 2024 alone, according to Token Terminal data. Added to this is the rise of tokenized real assets (Real World Assets, or RWA), which use Ethereum as a medium for digitizing 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. So many elements which reinforce the idea of ​​a solid base for a potential market turnaround in favor of Ethereum.

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