I just came across a very interesting market phenomenon. Michael van de Poppe noticed a mismatch when analyzing Ethereum's fundamentals: over the past year, although ETH prices have fluctuated, the trading volume of stablecoins on the network has surged by 200%. He calls this phenomenon a "bullish signal," and I think his logic is quite intriguing.

He reminds everyone that Ethereum experienced a similar situation in 2019. Back then, network activity picked up first, but the price didn't immediately follow. Van de Poppe's view is that the market's reaction to fundamentals often has a delay. During the early growth phase, prices tend to lag behind, but eventually, they catch up with fundamental changes. He believes this cycle might repeat: first, an increase in network activity and stablecoin trading, then a price movement.

There are other historical examples supporting this judgment. After the Luna ecosystem collapse in June 2022, during the COVID pandemic outbreak in March 2020, and throughout the December 2018 bear market, similar disconnects between fundamentals and prices occurred. At these points in time, the market actually presented good buying opportunities. His point is that if you can identify these mismatches, you often can catch the bottom.

Honestly, Michael van de Poppe's analytical approach is worth paying attention to. Currently, ETH's one-year gain has returned to the positive zone (+33%), and if the growth in stablecoin trading volume is indeed a leading indicator, there might still be opportunities ahead. Those interested can track ETH and related assets on Gate to see if this narrative continues to unfold.