Reports have revealed a 400% increase in stablecoin transfers on Ethereum over the past 30 days, bringing the total transfer volume to $581 billion and over 12.5 million transfers, according to Token Terminal.
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The stablecoin market capitalization on Ethereum now exceeds $163 billion. At the same time, Ethereum fell around 4.50% over the past week and briefly tested support near $3,738, which some traders called a buying opportunity.
Whales step in with big purchases
On-chain trackers show significant buying from large holders. A newly created wallet, 0x86Ed, spent $32 million to recover 8,491 ETH in approximately three hours, based on Arkham Intelligence records.
Another high-profile account monitored by LookOnChain moved 284,000 USDC to Hyperliquid after recent liquidations, apparently to maintain long exposure to ETH.
Reports indicate that stablecoin trading volume on Ethereum in October surpassed $1.91 trillion for the second time on record, a sign that large flows continue to flow through the network.
USDT usage on Ethereum has reached an all-time high, with key metrics up approximately 400% from September 23 lows.
The monthly transfer volume in September was $580.9 billion, and the number of transfers amounted to 12.5 million.
With a valuation of around $500 billion, @Tether_to is the most valuable commercial building on @ethereum. pic.twitter.com/Z83e68NO8C
– Token terminal 📊 (@tokenterminal) October 13, 2025
Institutions increase their exposure
CryptoQuant and exchange data demonstrate growing interest from institutions. CME futures open interest in ETH has increased, suggesting that large players are defining their positions ahead of a possible price action.
Tom Lee of Fundstrat was quoted saying that ETH could head towards $5,000 if the ETH/BTC ratio breaks the resistance at 0.087. Matt Sheffield, CIO at Sharplink Gaming, told analysts that past liquidations have not stopped real-world usage and that the scale of payments on existing systems – SWIFT processes around $150 trillion annually – shows room for growth for stablecoins on Ethereum.
Large sums of money are pouring in #Ethereum institutional interest is clearly growing rapidly….
Rising open interest rates on CME futures indicate that smart money is preparing for a major turning point. $ETH move forward… pic.twitter.com/8oUfApDeoP
– BitGuru 🔶 (@bitgu_ru) October 23, 2025
Technical setups show clear levels to watch
Technical analysis experts have noted a confluence of indicators close to today’s prices. Currently, ETH is trading near $3,887, just above the significant 0.618 Fibonacci retracement at $3,781.
The 0.786 retracement is near $3,640 with the formal invalidation level set at $3,443. Some technicians have pointed to a triple bottom trading setup around $3,600, as well as the possibility of a new accumulation reading from a Wycoff re-accumulation setup that could lead to higher targets (including $5,125 at the 1.618 extension).
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Balance between flow and risk
In summary, with a strong flow of stablecoins, whale buying, and growing interest in futures, this has created a basis for bullish calls in the $5,000 range.
That said, chart patterns fail, on-chain moves may not result in price changes, and traders who remain aware of the ETH/BTC ratio, the invalidation line at $3,443, and whether large trades are being transferred or used for longer-term holding, may gain more clarity in the coming sessions.
Featured image of Motion Island, chart by TradingView
