What to know : Ether has recently strengthened against bitcoin, with the ETH/BTC ratio rising to about 0.0313, its highest level in three months but still well below its January peak. The improved ratio is supported by robust on-chain activity on Ethereum, including an 82% quarterly jump in new users, record transaction volumes and stablecoin supply reaching an all-time high of $180 billion. Analysts say ether must reclaim the 0.035 ETH/BTC level on a weekly closing basis to signal a durable rotation into ether rather than a short-lived bounce, especially with the token still more than 50 percent below its 52-week high.
A closely watched gauge of ether's relative strength against bitcoin has climbed to a three month high, backed by surging network activity and record stablecoin inflows on Ethereum.
The ether-bitcoin ratio traded near 0.0313 on Wednesday, up from a 2026 low around 0.028 in February but still well below the January 18 high near 0.038. Ether gained 4% over the past seven days to trade near $2,325, outpacing bitcoin's 3.9% move over the same period.
The ETH/BTC ratio tracks the relative price of ether against bitcoin on crypto exchanges and is one of the most widely followed gauges of risk appetite across the digital asset market.
A rising ratio signals that capital is flowing into ether and, by extension, riskier parts of the crypto ecosystem. A falling ratio points to a preference for bitcoin's relative safety.
The pair peaked above 0.08 in late 2021 before entering a prolonged decline that accelerated through 2024 and into 2025, dragged lower by bitcoin ETF-driven demand, weakened fee revenue on Ethereum's base layer following the Dencun upgrade, and a broader rotation away from altcoins.
When ether outperforms bitcoin on risk-on days rather than simply tagging along, it historically suggests capital is beginning to rotate rather than chase the same trade. The signal strengthens if ether holds up better than bitcoin during the next pullback.
Part of the case for a sustained move rests on Ethereum's on-chain fundamentals, which have been diverging from the token's depressed valuation.
New users on the network surged 82% quarter-over-quarter in Q1 to 284,000, according to data from Artemis, while total transactions hit a record 200.4 million for the quarter, a 43% increase from the prior period.
Stablecoin supply on Ethereum also reached an all-time high of $180 billion, up 150% over the past three years, per Token Terminal. The network holds roughly 60% of the global stablecoin market, reinforcing its dominance as the primary settlement layer for tokenized dollars and suggesting a long-term demand anchor for ETH even as short-term price action lags.
However, ether is still more than 50% below its 52-week high of $4,831, and the ratio would need to reclaim the 0.035 zone on a weekly close to provide evidence that the recovery has legs beyond a short-squeeze bounce.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
