Michaël Van De Poppe said Ether (ETH) bottomed in April 2025 and that its price action resembles the 2019 cycle, citing a surge in stablecoins, tokenized real‑world assets and rising developer activity on the Ethereum network.
“The stablecoin supply on Ethereum has seen an increase of more than 65% in 2025. It’s doubled since the peak in 2021,” he wrote in a Sunday post.
The total stablecoin market capitalization on Ethereum is over $163.9 billion, with about 52% of that amount dominated by issuer Tether‘s USDt, according to DeFiLlama.
The network processed about $8 trillion in stablecoin transfer volume in Q4 2024, as reported by Token Terminal. ETH briefly rose to about $3,300 and crossed its 365‑day moving average before slipping back to roughly $3,100, as shown on TradingView.
The ETH‑BTC ratio bottomed near 0.017 in April, climbed to about 0.043 in August 2025, then fell to roughly 0.034 after a market‑wide crash in October, as shown in a chart shared by Van De Poppe.
Market analytics firm Santiment said current investor sentiment around Ethereum matches patterns that preceded earlier rallies.
