The ETH/BTC ratio, which measures the price performance of Ethereum relative to Bitcoin, has recently reached its highest level in three months with a remarkable increase. This increase in the rate comes with the impact of record stablecoin inflows, as well as a significant rise in transaction volume and the number of new users on the Ethereum network.
The rise in the ETH/BTC rate draws attention
As of Wednesday, the ETH/BTC rate traded at 0.0313. While this rate is above the yearly low of around 0.028 seen in February, it is still behind the peak of 0.038 reached on January 18.
While Ethereum gained 4 percent in value in the last seven days and was priced around $ 2,325, it surpassed Bitcoin’s 3.9 percent rise in the same period. The ETH/BTC rate stands out as one of the most closely followed indicators in the market in terms of investors’ risk appetite and capital flows.
An increase in the rate indicates that capital is turning to higher risk assets, especially Ethereum. Conversely, declines highlight increased confidence in Bitcoin and risk aversion.
Intense interest in the Ethereum network
Ethereum’s network dynamics show improvements that support the recent price movement. According to data from research company Artemis, in the first quarter of 2024, the number of new users on the Ethereum network increased by 82 percent on a quarterly basis, reaching 284 thousand people. In the same period, the total number of transactions reached an all-time high of 200.4 million, an increase of 43 percent compared to the previous quarter.
Market monitoring platform Token Terminal data also shows that the amount of stablecoins in circulation on Ethereum has reached a new record with $180 billion. This figure indicates a 150 percent jump in the last three years. While the Ethereum network holds approximately 60 percent of the global stablecoin market, this dominance creates a strong source of demand for Ethereum in the long term.
Is the short-term recovery sustainable?
After climbing above 0.08 at the end of 2021, the ETH/BTC ratio declined throughout 2024 and 2025 due to the impact of Bitcoin ETF demand, the weakening of Ethereum’s base layer revenues after the Dencun update, and a general outflow from altcoins.
According to market analysts, on days when “risk appetite is high” when Ethereum remains strong compared to Bitcoin, a signal that capital is directed to different channels may emerge. The fact that Ethereum remains more resilient than Bitcoin, especially during withdrawals, is among the factors that strengthen this signal.
The increase in the number of new users and transactions on the Ethereum network and the record level of stablecoin inflows indicate that ETH demand can be supported in the medium-long term. However, the ETH price still remains more than 50 percent behind the last one-year peak of $4,831. If the ETH/BTC rate exceeds the 0.035 level again at the weekly close, it will be proof that the recovery is not limited to a short-term jump.
Experts point out that despite the positive picture in Ethereum’s network data, hesitations in price performance continue. It is emphasized that a weekly close above the critical 0.035 is necessary for the ETH/BTC rate to initiate a permanent upward movement.
