Ethereum stablecoin supply tops $158B: Why ETH/BTC matters now
Journalist
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One of many core metrics for any L1’s energy is its stablecoin dominance.
At the moment, that is particularly telling. Volatility continues to place strain on the technical setups of high-cap altcoins, and in that setting, fundamentals find yourself being the actual differentiator.
Ethereum [ETH] appears to be navigating this properly. Its stablecoin market cap jumped roughly 2% this week to $158 billion, marking the primary significant uptick because it fell beneath the $168 billion mark again in This fall 2025.
Supply: DeFiLlama
What stands out is that ETH nonetheless controls over 50% of the $315 billion stablecoin market. With that sort of dominance, even small strikes can ship ripples throughout DeFi, with altcoins usually monitoring ETH’s route.
That mentioned, the larger query is whether or not this network-specific liquidity is definitely boosting Ethereum’s fundamentals. On that entrance, Token Terminal exhibits ETH’s staking ratio simply crossed 30%, hitting an all-time excessive.
Including to that momentum, Ethereum’s RWA capital has jumped 17% over the previous 30 days, closing in on its $14.8 billion ATH. Stablecoin activity can be choosing up, indicating rising liquidity and utilization on the community.
Taken collectively, these indicators level to a stronger Ethereum ecosystem. Curiously, this aligns with ETH/BTC buying and selling close to a multi-year base, elevating the query: Might ETH’s stablecoin flows spark a breakout?
BMNR accumulation highlights Ethereum’s energy
Regardless of the latest backlash, BitMine’s conviction can’t be ignored.
Even with technical weak point and market FUD, BMNR remains to be accumulating ETH. Whereas BMNR is down about 27% up to now this 12 months, this transfer is clearly fueling FOMO, as mirrored within the rising Ethereum staking ratio.
The timing couldn’t be higher. Bitcoin dominance [BTC.D] is rolling over from the 60% ceiling, and ETH/BTC is chopping sideways. With rising liquidity and on-chain accumulation, circumstances are ripe for a breakout.
Supply: TradingView (ETH/BTC)
That mentioned, it received’t be easy crusing.
Technically, ETH/BTC has failed to carry assist thrice since peaking at 0.36 on the finish of 2025. On this context, flipping the present 0.29 vary from resistance to assist shall be key in figuring out the subsequent leg up.
If this trend holds, a breakout previous 0.3 could be pushed by fundamentals, supported by stablecoins and rising accumulation, somewhat than simply hypothesis, making this sample one to observe for Ethereum’s subsequent transfer.
Remaining Ideas
- Ethereum controls over 50% of the stablecoin market, with rising staking and RWA capital signaling sturdy on-chain fundamentals.
- BTC.D is rolling over, ETH/BTC is at a multi-year base, and flipping the 0.29 vary might set the stage for a fundamental-driven breakout above 0.3.
