The ether-bitcoin ratio — ETH/BTC — has climbed to its highest level since January 2026, signalling renewed appetite for altcoins. Ethereum added 284,000 new users in Q1 2026, and stablecoins now total a record $180bn in circulating supply.
Why it matters: A rising ETH/BTC ratio historically precedes altseason — a period when capital rotates from bitcoin into alternative cryptocurrencies.
The data: 284K new ETH wallets in three months. $180bn in stablecoins waiting on the sidelines. These are not retail degens — these are infrastructure numbers.
Watch for: If ETH holds above current bitcoin ratios through April, altseason may have arrived.