Ethereum developer activity reached a record high in Q4 2025, with the number of deployed contracts reaching 9.1 million. On-chain metrics also showed strong growth, with NFT trading volume reaching $12.6 million, and weekly DApp trading volume soaring 1135% to $180 billion. Despite such robust fundamentals, Ethereum's price declined by 45% in that quarter and remains nearly 1.5 times behind Bitcoin. Market sentiment appears to be more influenced by leverage rather than spot accumulation, with the ETH/BTC ratio decreasing by 0.28% weekly, indicating a lack of capital rotation from Bitcoin. This disconnect suggests that short-term speculation is masking long-term conviction, making it unlikely for Ethereum to replicate the Bitcoin rally seen in Q2 2025.

ETH8,31%
BTC5,16%
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