ETH/BTC hits 3-month high as Ethereum usage grows
The ETH/BTC ratio jumped to 0.0313, a three-month high, after dipping toward ~0.028 in February. It is still below the January peak near 0.038.
Traders see ETH/BTC as a gauge of crypto market rotation: ETH is gaining faster than BTC as risk appetite shifts. Over the past week, ETH rose about 4% to around $2,325, while BTC was up roughly 3.9%.
On-chain data supports the move. New Ethereum users rose 82% QoQ to 284,000 in Q1, and quarterly transactions increased 43% to an all-time high of 200.4M. Ethereum stablecoins also hit a record $180B circulating supply (up 150% over three years), reinforcing Ethereum’s ~60% share of global stablecoins.
For confirmation, analysts want a weekly ETH/BTC close above 0.035, suggesting a durable shift into ETH rather than a short-lived bounce. The article also notes remaining uncertainties, including weaker Ethereum base-layer revenue post-Dencun and ongoing focus on Bitcoin ETFs.
Net: stronger Ethereum demand plus stablecoin inflows are supportive, but watch the 0.035 weekly close for follow-through in ETH/BTC.
Bullish
The news is bullish for ETH relative to BTC because ETH/BTC is rising alongside improving Ethereum usage and liquidity. New users, transaction growth, and record Ethereum stablecoin supply suggest sustained demand rather than purely price-driven momentum.
In the short term, the move can attract rotation trades as ETH is outperforming BTC. In the long term, stablecoin inflows and higher on-chain activity can provide a durable bid for ETH.
The article’s main caveat is that follow-through is not guaranteed: traders should look for a weekly ETH/BTC close above 0.035. If it fails, the rally may revert into a range, limiting upside for ETH/BTC. But as long as the 0.0313 strength holds, sentiment remains supportive.