Ethereum 
EthusdThe second largest cryptocurrency is a key disappointment in the current cycle in the crypto. Although its price has dropped below 0.019 BTC, the activity of Stablescoin is almost the only metric that increases day by day. All the main DEFI indicators also look down in the long term.
Ether Ethusd The price drops to the 2021 levels
As Ether’s price is back at $ 1,600, he reached the levels he first discovered in the middle of his huge price rally of 2021. Meanwhile, the Stablecoin offer based in Ethereum has jumped by 5.6x in the past four years, Defillama Crypto Data Tracker revealed in a post X.
In January 2021, the Total Stablecoin on ETH offer was $ 22 billion. Today is $ 123 billion. pic.twitter.com/jaly9ecidl
In January 2021, when the price of the eth was close to what we see now, the Stablecoins on Ethereum Ethusd totalized $ 22 billion. Now, this metric is at $ 123 billion in equivalent. It’s the only Ethereum Ethusd Metric of the network which explains optimism in Q2, 2025.
The aggregate quantity of total value denominated in locked USD (TVL) in the Defi protocols was almost the same. The net DEFI TVL reached $ 85 billion in April 2021, when it increased to $ 89 billion at the moment.
The Net Dex trading volume reached $ 5.7 billion in April 2021, while it is 7.6 billion dollars today. To provide a context, this indicator culminated at nearly $ 50 billion last January.
Bitcoin 
Btcusd The price in April 2021 remained in the corridor from $ 50,000 to $ 60,000, which is 24 to 36% down from today’s prices.
Activity of cryptographic developers at the lowest since 2018
The crisis of the cryptocurrency segment is reflected in another major metric, that is to say the activity of the developer. As Crypto Miles Deutscher analyst pointed out on X, this indicator has plunged to invisible stockings since the winter of the 2018 crypto.
The activity of cryptographic developers have been the lowest since 2018.
It is probably the saddest picture of the crypto, and also the one that most precisely portrays the current state of the industry.
Even on the 2022 bear market, the developers continued to build.
But what are the reasons for… pic.twitter.com/mgc6x3fmxg
Deutscher attributed the alarming fall to the flight developers of Crypto AI, abandoning the financing of VC and the current disappointment of cryptocurrency technology which has not obtained its promises.
At the same time, projects at the intersection between blockchain and AI as well as developments focused on RWA and stablescoin remain relevant for first -rate developers.
Today, on April 12, 2025, the net capitalization of cryptocurrency added 0.3%. Bitcoin Btcusd The price increased by 1.9%, struggled to stay above $ 83,600.
