For the first time, the supply of USDT on Ethereum has surpassed that on TRON, marking a significant shift in stablecoin dynamics.
Over the past month, the USDT supply on Ethereum increased by approximately $20 billion, showcasing the growing preference for Ethereum as a stablecoin network.
BREAKING: USDT on Ethereum overtook USDT on TRON.
The USDT supply on @ethereum grew by ~$20 billion in the last month. pic.twitter.com/J50KLdYt94
— Token Terminal (@tokenterminal) December 11, 2024
Historically, Ethereum ($ETH) has struggled during the first two weeks of December, a seasonal trend currently playing out. However, this pattern often sets the stage for a strong rally in the third week of December. If this trend repeats, the current dip could be the last before a potential breakout.
Seasonally, $ETH tends to struggle during the first two weeks of December – a pattern that’s playing out perfectly right now. However, history shows that Ethereum often follows up with a sharp rally in the third week.
This seasonality chart suggests that this could be the final… pic.twitter.com/rae8kij5Uy
— BATMAN ⚡ (@CryptosBatman) December 11, 2024
Adding to the intrigue, two dormant wallets—likely controlled by the same entity—recently made significant Ethereum purchases.
These wallets spent 10.12 million USDT to acquire 2,736 ETH at an average price of $3,699 just an hour ago. Interestingly, the wallets had withdrawn their stablecoins from Binance a year ago but only initiated their first purchases now, suggesting strategic timing aligned with market conditions.
Two dormant wallets (likely one entity) spent 10.12M $USDT to buy 2,736 $ETH at an average price of $3,699 an hour ago.
Interestingly, these wallets withdrew their stablecoins from #Binance a year ago but only just now initiated their first purchases!
Follow @spotonchain and… pic.twitter.com/chHjXkirbB
— Spot On Chain (@spotonchain) December 11, 2024
Ethereum Spot ETFs Attracts Massive Inflows
Ethereum spot ETFs have also continued to attract strong inflows. On December 10, the total net inflow reached $306 million, marking 12 consecutive days of positive inflows. Fidelity’s ETF (FETH) led the way with daily net inflows of $202 million, while BlackRock’s ETF (ETHA) saw inflows of $81.66 million per day.
On December 10, the total net inflow of Ethereum spot ETFs was $306 million, and net inflows continued for 12 consecutive days. The net inflow of Fidelity ETF FETH was $202 million per day, and the net inflow of BlackRock ETF ETHA was $81.6574 million per day.… pic.twitter.com/MdQx7BsEs6
— Wu Blockchain (@WuBlockchain) December 11, 2024
These developments underscore a growing interest in Ethereum, both from stablecoin users and institutional investors. As the seasonal dip appears to align with historical trends, the coming weeks could prove pivotal for Ethereum’s price trajectory, potentially signaling the start of a decisive upward movement.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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