Ethereum Stablecoin Usage Jumps 400% in 30 Days as Whales Buy the Dip — $5K ETH Next?

Stablecoin usage on Ethereum has surged 400% in the last 30 days to reach a new all-time high of $580.9 billion with a transfer count of over 12.5 million, according to data from Token Terminal. Ethereum’s stablecoin market cap now exceeds $163 billion. On-chain data from Arkham Intelligence shows that most of the stablecoin transfer activity comes from whales buying the current ETH dip after the leading altcoin plunged 4.61% in the last 7 days to test the $3,738 support. Particularly, a newly created wallet 0x86Ed spent $32.47M to acquire 8,491 ETH in the past 3 hours.

Similarly, recently liquidated whale Machi Big Brother deposited 284K USDC into Hyperliquid to keep longing ￰1￱ getting liquidated, Machi( @machibigbrother ) deposited another 284K $USDC into #Hyperliquid to keep longing $ETH ! Current position: 2,300 $ETH ($8.8M) Liquidation price: $3,680.92 He's gone from $44.84M in profits to over $13.7M in losses! ￰0￱ ￰2￱ — Lookonchain (@lookonchain) October 23, 2025 Why Institutions Are All-In on ETH o $5k So far in October, on-chain data from TheBlock shows that total stablecoin transaction volume on Ethereum exceeded $1.91 trillion for the second time ever.) October 22, 2025 But the reality is that Ethereum adoption, despite the market-wide panic, keeps happening at “breakneck speed” .

According to him, “if you zoom out, it’s clear how much room there is to ￰3￱ processes ~$150T in payments per ￰4￱ is 20x current USDT volumes on Ethereum, where the largest institutional transactions happen most.” CME Futures Explode As Institutions Position for Major ETH Breakout Data from CryptoQuant confirmed this, showing that Ethereum institutional interest is rising fast, seen in the surge in CME futures open interest, indicating that smart money is gearing up for a major ETH move ahead.) October 23, 2025 Technical analysis: Elliott Wave, Fibonacci Charts Reveal ETH to $5,000 Path On the technical front, the Ethereum (ETH/USD) chart illustrates an Elliott Wave structure suggesting the completion of wave (4) and a potential start of wave (5) toward higher ￰5￱ current price, around $3,887, sits just above the 0.618 Fibonacci retracement at $3,781, a key support area where a bullish reversal typically ￰6￱ 50-day moving average (red line) is acting as dynamic resistance, while the 200-day moving average (blue line) remains well below, confirming a broader uptrend ￰7￱ ETH holds above the 0.786 retracement level ($3,640) and avoids invalidation at $3,443, the chart projects a rally targeting $5,125 at the 1.618 Fibonacci extension, with potential to reach as high as $6,021 if wave (5) fully ￰8￱ will remain bullish as long as ETH stays above the invalidation zone, and reclaiming the descending trendline could confirm the start of the next impulsive leg upward.