A closely watched gauge of ether’s relative strength against bitcoin has climbed to a three month high, backed by surging network activity and record stablecoin inflows on Ethereum.

The ether-bitcoin ratio traded near 0.0313 on Wednesday, up from a 2026 low around 0.028 in February but still well below the January 18 high near 0.038. Ether gained 4% over the past seven days to trade near $2,325, outpacing bitcoin’s 3.9% move over the same period.

The ETH/BTC ratio tracks the relative price of ether against bitcoin on crypto exchanges and is one of the most widely followed gauges of risk appetite across the digital asset market.

A rising ratio signals that capital is flowing into ether and, by extension, riskier parts of the crypto…