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ETH/BTC ratio climbs to 0.0313 on Wednesday, its strongest reading since January, as record Ethereum network activity and a $180 billion stablecoin milestone signal a potential shift in market momentum. Summary - The ETH/BTC ratio reached 0.0313, recovering from a 2026 floor of 0.028 in February, though it remains well below the January 18 peak of 0.038. - Ethereum added 284,000 new users in Q1 2026, an 82% quarterly jump, while stablecoin supply on the network hit a record $180 billion. - Analysts say a weekly close above 0.035 is required to confirm durable rotation into ETH rather than a short-term bounce. The ETH/BTC ratio is making its clearest recovery move of the year. Ethereum gained 4% over the past seven days, narrowly outpacing bitcoin’s 3.9% gain over the same period, with the ratio recovering from prior lows and pushing to its best level in three months. The move is backed by concrete on-chain data. Ethereum added 284,000 new users in Q1 2026, an 82% quarterly jump, while stablecoin supply on the network reached an all-time high of $180 billion, a 150% increase over three years. What the Numbers Say About ETH’s Recovery Ethereum now holds roughly 60% of the global stablecoin market, reinforcing its position as the primary settlement layer for tokenized dollars. That concentration of real economic activity gives ETH a structural demand base that extends beyond price speculation. The ETH/BTC ratio spent much of 2026 at depressed levels as bitcoin ETF-driven demand kept capital anchored in BTC. The current bounce suggests that rotation may be beginning, though analysts urge caution before calling it a confirmed trend. CoinMarketCap analyst CryptoAnu noted the ratio must reclaim 0.035 on a weekly closing basis to signal genuine altcoin rotation rather than a short-lived squeeze, adding that the Pectra upgrade is finally being felt in 2026 with over 30% of supply now staked and locked away.

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