The total market capitalization of stablecoins on the Ethereum network has surpassed $163.9 billion, with Tether’s USDt (USDT) accounting for approximately 52% of this figure, as reported by DeFiLlama. In 2025 alone, stablecoin supply on Ethereum increased by over 65%, doubling since its peak in 2021. This surge in stablecoin activity, alongside rising developer engagement on the Ethereum platform, has led market analyst Michaël Van De Poppe to adopt a bullish outlook for Ethereum's price prospects.
In April 2025, Ether (ETH) prices appeared to have bottomed out, correlating with patterns observed in the 2019 cycle. After reaching a brief high of $3,300, ETH subsequently retreated to around $3,100, as it fluctuated above its 365-day moving average. Despite negative investor sentiment suggesting ETH's decline, Van De Poppe indicated that a market recovery is underway.
The Ethereum-Bitcoin (ETH-BTC) ratio also reflects a similar trajectory, having bottomed at approximately 0.017 in April before rising to 0.043 by August 2025. However, a recent market downturn in October saw this ratio decline to 0.034. Current investor sentiment is echoing patterns that have historically preceded significant price rallies, according to crypto analysis firm Santiment.