According to Michal van de Poppe (@CryptoMichNL), the Chinese yuan (CNY) is breaking higher, which he characterizes as a bullish signal for the business cycle, source: X post, Dec 24, 2025. He states that the ETH/BTC pair bottomed when the yuan bottomed in April, indicating a historical correlation between CNY inflection points and ETH relative performance, source: Michal van de Poppe on X, Dec 24, 2025. He expects that as CNY breaks upwards, ETH could see a strong upside breakout, making ETH price action a potential beneficiary if the correlation holds, source: Michal van de Poppe on X, Dec 24, 2025.

According to @CryptoMichNL, there is a strong confluence between the Chinese yuan and the ETH/BTC pair, with both bottoming in April 2025 and similarly in the same week during 2016 and 2019 (source: @CryptoMichNL, X, Dec 20, 2025). According to @CryptoMichNL, ETH showed notable strength after the April low but has seen a recent correction, while the Chinese currency continued to trend higher (source: @CryptoMichNL, X, Dec 20, 2025). According to @CryptoMichNL, the correlation is not always one-to-one, but his chart implies the path ahead for ETH/BTC is upward from here (source: @CryptoMichNL, X, Dec 20, 2025).