Analyst Michaël van de Poppe refutes claims of Ethereum's decline, citing signs of market recovery and increased stablecoin volume.
Michaël van de Poppe, founder of MN Trading, has dismissed claims regarding Ethereum's decline, which some have interpreted as a sign of its impending demise. He argues that the asset's current trajectory reflects patterns observed in 2019, suggesting that Ethereum is on the verge of recovery.
“Since April 2025, the market has hit bottom, and we are already in the growth phase for Ethereum,” van de Poppe stated.
Despite a downward trend against Bitcoin that has lasted for four years, van de Poppe points out that Ethereum's price reached a low of 0.017 BTC in April before rebounding to 0.043 BTC in August. However, it recently retreated to 0.034 BTC following a market correction in October.
A significant factor supporting his optimistic outlook is the increasing volume of stablecoins on the Ethereum network. Van de Poppe highlighted that the supply of stablecoins has surged by over 65% in 2025 and has doubled since its peak in 2021.
The stablecoin supply on Ethereum 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.
According to DefiLlama, the market capitalization of stablecoins on Ethereum has exceeded $164 billion, with Tether's USDT commanding a 52% share. Additionally, Token Terminal reported that Ethereum processed stablecoin transfers totaling $8 trillion in the fourth quarter of 2025, marking a new all-time high.
BREAKING: The stablecoin transfer volume on @ethereum surpassed $8 trillion in Q4, marking a new all-time high.
Currently, Ethereum is trading at $3,118, reflecting a modest increase of 0.3% in the past day. However, some analysts, like CryptoOnchain, caution that weak institutional demand could hinder Ethereum's potential for significant growth in the near future.
