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HODLers who endured the 2025 bear cycle appear to be seeing their patience rewarded. During that period, altcoins finished the cycle with deep double-digit losses despite underlying fundamentals remaining strong. One example cited is the Fusaka upgrade, which was designed primarily to boost Ethereum’s throughput.
The upgrade’s impact showed up in network activity: transaction volume rose 36% by year-end, even though ETH ended the year down 29%. From a technical perspective, higher transaction volume often corresponds with improving on-chain liquidity, since increased activity can support stronger capital flows and greater network usage.
Against that backdrop, Ethereum’s roughly 20% move over the past month is framed as less of a random spike and more like a strategic shift beginning to play out.
Recent on-chain data indicates a rotation in stablecoin flows on Ethereum. Over the past month, USDT on-chain flow edged up 1.46%, while USDC supply expanded by 10.13%. The article highlights the size of the gap between the two changes as a sign that liquidity may be favoring USDC over USDT.
Supporting this, Santiment data cited in the article says the top 100 USDC wallets on Ethereum hold $32.71 billion in USDC. It also notes that the top six wallets control just over 25.6% of total supply, pointing to significant concentration among major holders.
Taken together, the article argues this suggests a shift in liquidity positioning, with larger participants accumulating USDC and influencing how capital is deployed across the Ethereum network.
The article links the stablecoin shift to changes in Ethereum’s stablecoin market share. It states that USDC flows have pushed Ethereum’s USDC market share above 32%, while USDT has fallen below 50%.
It also characterizes the move as potentially more than a short-term rotation. Over the past 30 days, Tether is said to have deployed roughly $20 million into Bitcoin Layer 1 infrastructure, described as an effort to strengthen BTC’s role as a settlement layer. In that context, the growing USDT flow on Ethereum is presented as part of a broader pattern rather than isolated activity.
On the USDC side, the article reports that USDC’s market cap has jumped roughly 30%, surpassing $80 billion and reaching an all-time high since Circle’s IPO in late Q2 2025. It adds that Circle’s stock (CRCL) has risen 120% over the past 30 days, citing this as additional support for the on-chain trend.
The article concludes that Tether’s rotation toward Bitcoin, alongside Circle’s growing market share, aligns with USDC’s roughly 10% gain over the past month and ETH’s roughly 20% price increase.
Beyond stablecoin flows, the article points to broader Ethereum on-chain metrics. It states that ETH Total Value Staked (TVS) has climbed nearly 3% to an all-time high of 38 million ETH. It also says the total value of Real-World Assets (RWA) has risen about 6% over the same period.
In the article’s framing, the effects of Ethereum’s 2025 upgrades are showing up in stablecoin activity, with USDC flows feeding into on-chain usage. It also suggests that Ethereum’s market repricing may increasingly be tied to USDC flows, making the trend a key development to monitor.
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