Analyst Dismisses Ethereum’s ‘Death’ Narrative as Misguided

Ethereum's decline against Bitcoin is not its "demise," says analyst.

The notion of Ethereum’s “demise,” based on its prolonged decline against Bitcoin, is unfounded, according to MN Trading founder Michaël van de Poppe. He suggests the current trajectory of the asset mirrors the market pattern of 2019.

$ETH is called dead, as it has been trending downwards for four years against #Bitcoin.

However, since April ’25, it has bottomed out and we’re already in an #Ethereum market.

Comparable to 2019. pic.twitter.com/G4z512IjN8

— Michaël van de Poppe (@CryptoMichNL) January 11, 2026

“Since April 2025, the market has bottomed out, and we are already in the growth phase of Ethereum,” wrote van de Poppe.

The ETH/BTC chart shows that after hitting a low in April (0.017), the rate recovered to 0.043 in August, but then retreated to 0.034 amid the October market correction.

A key argument for growth, according to the analyst, is the increase in the volume of stablecoins on the Ethereum network.

The stablecoin supply on $ETh has seen an increase of more than 65% over 2025.

It’s doubled since the peak in 2021.

Yet, price isn’t picking up, but I’m buying.

Watch the update here:https://t.co/mYMwkKdnA8 pic.twitter.com/NEx9uPkMQH

— Michaël van de Poppe (@CryptoMichNL) January 11, 2026

Van de Poppe noted that the supply of “stable coins” on the network increased by more than 65% in 2025. Since the peak in 2021, this figure has doubled.

According to DefiLlama, the total market capitalization of stablecoins on the Ethereum blockchain has exceeded $164 billion. Tether’s USDT holds a dominant position with a 52% market share. 

Statistics from Token Terminal also indicate widespread adoption: in just one quarter at the end of 2024, the network processed transfers worth $8 trillion.

BREAKING: The stablecoin transfer volume on @ethereum surpassed $8 trillion in Q4, marking a new all-time high. pic.twitter.com/CzXBO9bt0W

— Token Terminal 📊 (@tokenterminal) January 4, 2026

At the time of writing, the second-largest cryptocurrency by market capitalization is trading at $3118 (+0.3% over the past day).

Earlier, an analyst known as CryptoOnchain claimed that weak institutional demand deprived Ethereum of chances for rapid growth.