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- Ethereum Review 2025: Weak Performance of Ethereum in Q1 Compared to Bitcoin:
The year 2025 saw a halt in Ethereum's declining performance compared to Bitcoin, a trend that had lasted for over two years. However, the start was not entirely rosy, as the pair collapsed in the first quarter of the year to its lowest level in five years at 0.01766, a level not seen since January 2020.
Weekly chart of ETH/BTC pair
Weak performance was not only related to Bitcoin, considering that Ethereum's market dominance dropped below 7% for the first time in its history.
Along with other factors, hedge funds and speculators contributed significantly to this sharp decline. These funds engaged in trading based on price differences since November/December 2024, when the gap between Ethereum's price and the Chicago Mercantile Exchange (CME) price was about 20%.
The basis is the difference between the futures contract price and the spot price of the underlying asset.
The 20% spread—higher than US Treasury bond yields at that time—attracted speculators, especially hedge funds. They bought Ethereum ETFs in the US spot market while simultaneously shorting Ethereum on the CME.
However, the fundamental gap narrowed to about 5% after Trump's tariffs and the Federal Reserve's hawkish stance caused a comprehensive correction in the digital assets and stock markets. As a result, speculators sold their Ethereum ETF holdings, leading to a faster decline in Ethereum compared to Bitcoin.
Ethereum futures contract prices on CME on an annual basis. Source: CryptoQuant
Short position liquidations were only part of the problem. As selling pressure increased, signs of fragmentation appeared within the Ethereum community, which faced harsh reactions due to its vision for the top-tier Layer 1 network.
Several core developers withdrew, prominent community members sold their holdings, and others resigned from supporting Ethereum. The severity of the situation forced Ethereum Foundation to make its first major leadership change in years.
Ethereum needs to surpass $5000 in 2026 to break out of its four-year shadow, following a mixed 2025 that saw significant declines and new all-time highs.
The launch of corporate treasury bonds (ETH), favorable crypto policies, and inflows from exchange-traded funds (ETF) gave Ethereum the momentum it lacked for years in 2025.
Regulatory clarity, institutional adoption, and major network upgrades could serve as catalysts for Ethereum's growth in 2026.
Ethereum (ETH) lost 12% of its value in 2025, declining from $3336 at the start of the year to $2930 in the third week of December, a stark contrast to its 48% gains in 2024. However, this percentage does not reflect the significant volatility Ethereum experienced in 2025.
In Q1, Ethereum (ETH) sharply declined by 45% due to the impact of tariffs imposed by President Donald Trump, which nearly wiped out all its gains from 2024. While the entire crypto market was in a downtrend during that period, Ethereum's value fell more than most leading cryptocurrencies, reinforcing the idea of its weaker performance compared to Bitcoin. Hedge funds increased selling pressure by liquidating short positions based on Ethereum's price.
Nevertheless, the leading altcoin showed resilience, rebounding in Q2 after the Pectra upgrade. After stabilizing at $1385 in early April, ETH surged, ending the quarter with a 37% gain.
Unlike the past two years, which saw declines in Ethereum's price, its growth accelerated in Q3, posting a 66% gain, its best quarterly performance ever. Thanks to strong buying activity from corporations and Ethereum exchange-traded funds (ETFs), Ethereum hit an all-time high of $4956 in August, after four years.
However, Trump’s threats to impose tariffs on China resurfaced on October 10. Concurrently, a proposal from index provider MSCI to exclude corporate crypto bonds from its stock indices led to the largest single-day liquidation in crypto history, exceeding $19 billion.
Daily ETH/USDT Chart
Since then, Ethereum has remained under pressure, declining about 29% so far in Q4.
Entering 2026, the market structure shows a neutral trend, with excessive leverage already cleared. Investors expect Ethereum's price to rise above its all-time high if macroeconomic conditions improve and institutional tokenization adoption continues.