Significant stablecoin inflows and rising network activity point to bullish potential for Ethereum, although substantial selling pressure from spot traders introduces near-term uncertainty.
A notable $1.4 billion inflow of stablecoins onto the Ethereum network occurred within a 24-hour period, reflecting heightened investor interest and increased utility demand. Concurrently, Ethereum’s Total Value Locked (TVL) climbed by 3.46%, reaching $86.558 billion, signalling strengthening long-term investor confidence in the network’s decentralized applications and protocols.
Countering these positive indicators, spot traders sold approximately $61 million worth of ETH, exerting short-term downward pressure on the cryptocurrency’s price. This selling activity illustrates divergent sentiment between traders focusing on immediate price action and longer-term investors.
The ETH price has been consolidating within a defined channel since mid-May. This technical pattern suggests the potential for either a bullish breakout or a bearish correction in the near future, depending on which force – accumulating investor confidence or trader selling – gains dominance.
Further underscoring Ethereum’s relative strength, the Bridged Netflow metric recorded $114,000 in assets migrating *into* Ethereum from other blockchain ecosystems. This net inflow highlights Ethereum’s continued appeal as a core platform despite competition.