Ethereum Stablecoin Transfers Surge 400% Amid Whale Accumulation
Key Developments in Ethereum and Stablecoins
- Stablecoin transfers on Ethereum surged by 400% over the past 30 days, reaching a total transfer volume of $581 billion and more than 12.5 million transactions.
- The stablecoin market cap on Ethereum has grown to over $163 billion, despite ETH experiencing a 4.50% decline last week, testing support near $3,738.
Whale Activity
- Significant purchases from large holders were observed, including a newly created wallet spending $32 million for 8,491 ETH within hours.
- A high-profile account moved 284K USDC into Hyperliquid, indicating continued long exposure to ETH.
- October’s stablecoin transaction volume on Ethereum exceeded $1.91 trillion, marking robust network activity.
Institutional Interest
- CME futures open interest for ETH is rising, signaling increased institutional engagement.
- Analysts predict potential growth towards $5,000 if certain resistance levels are surpassed, with the ETH/BTC ratio being a key metric.
Technical Analysis
- Current ETH trading positions it near important Fibonacci levels: 0.618 at $3,781 and 0.786 at $3,640, with formal invalidation at $3,443.
- Potential patterns suggest bullish targets around $5,125, though caution is advised due to inherent risks.
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