The ETH/BTC ratio is recovering and has reached levels not seen for a few months. I noticed that ether rose 0.31% against bitcoin this week, trading near 0.0313, while bitcoin advanced 3.74% and ether about 0.49%. We are still far from the January highs of (0,038), but the recent trend is interesting.

What stands out is that this ether move is not just speculation. On-chain data shows solid activity: new users on the network grew 82% quarter-over-quarter, reaching 284 thousand, and transaction volume hit a record 200.4 million in the quarter. But the most relevant part is the stablecoin flow—we reached a supply of US$ 180 billion, an increase of 150% over three years. Ether now accounts for 60% of the global stablecoin market.

Historically, when ether outperforms bitcoin on risk days, instead of merely following it, it means capital is beginning to reallocate. If ether continues to behave better during the next correction, that would be a stronger signal of a sentiment shift. Of course, there are still many steps to recover—the ether is 50% below the 52-week high of US$ 4.831. The ratio would need to close above 0.035 to confirm that this recovery has legs, not just a short-term rebound. In any case, it’s worth keeping an eye on this ether move in the coming weeks.