Ethereum records a record number of stablecoin users, ETF continues to attract strong capital.

In the past seven days, the price of ETH has fallen by 4% to 2,418 USD, contrarian to the 1% increase in the total market capitalization of the crypto market. This development raises doubts about the ability of ETH to bounce back to the 4,000 USD level, especially as derivation products show a decline in leverage demand – even though Bitcoin is less than 4% away from its historical peak.

Although ETH was rejected at the resistance level of 2,800 USD on June 11, the flow of money continued to pour into Ethereum ETF funds, with a total of 322 million USD flowing in during the following two weeks. This trend may reflect investors' expectations for upcoming improvements, such as the in-kind creation/redemption mechanism ( and the ability to stake directly to receive ETH rewards – both of which are currently being reviewed by the U.S. Securities and Exchange Commission )SEC(. According to analyst James Seyffart from Bloomberg, the SEC has a preliminary deadline at the end of August to make a decision.

Weak leverage demand indicates that investors are shifting towards altcoin ETFs

The absence of long leveraged ETH positions also reflects the poor optimism of investors, especially in the context where many major altcoins such as Solana )SOL(, Litecoin )LTC(, Polkadot )DOT(, and XRP have the potential to launch their own ETFs in 2025. Analyst Eric Balchunas from Bloomberg estimates the probability of approval for these products to be as high as 90%.

Data from the perpetual futures contract for ETH currently records an annual funding rate of -2%, which is not too severe but is in complete contrast to the +10% recorded just two weeks ago – indicating a significant decrease in the confidence of the buying side.

To eliminate noise factors from the derivatives market, which is heavily influenced by retail investors, analysts often monitor the delta skew )delta skew( from the ETH options market. If whales and market makers are concerned about downside risks, this index will exceed the 5% threshold.

Currently, the delta deviation index for ETH remains in the neutral zone of -5% to +5%, although it has improved from the previous level of -7%. This indicates that there is not a significant demand for hedging strategies, and the reduction of leverage in futures contracts may not necessarily mean a widespread downtrend.

![])https://img-cdn.gateio.im/webp-social/moments-712a604104fa49778d2a011141e1880a.webp(The delta skew of ETH options on Deribit )put-call(. Source: laevitas.ch## Stablecoins on Ethereum reach an all-time high with over 750,000 users each week

While ETH prices are weakening, the Ethereum ecosystem has recorded an important milestone: the number of users sending stablecoins weekly has surpassed 750,000 – the highest ever. Major stablecoins such as USDT, USDC, BUSD, and DAI have all contributed to this record.

This boom reflects the wave of "stablecoin season," with increasing participation from institutions and, more importantly, a strong increase in practical application. The stable growth throughout 2024 and extending into 2025 indicates that stablecoins are gradually moving beyond the realm of speculation and entering a phase of practical application.

Currently, USDT and USDC still dominate the stablecoin market on Ethereum, with a supply of 73 billion USD and 41 billion USD respectively – accounting for the majority of the total 134 billion USD stablecoins on this network. However, the remaining approximately 20 billion USD comes from other stablecoins, opening up opportunities for new projects to join the game.

![])https://img-cdn.gateio.im/webp-social/moments-3852bb83707ad95d6f8f4baa32e80584.webp(

The competition is becoming increasingly fierce among stablecoin issuers, driving product improvements, from lower transaction fees and more attractive interest rates to user incentive programs. This not only benefits end users but also fosters innovation in the design and features of stablecoins.

The continued growth of stablecoins reflects a larger trend: the shift towards digital USD and blockchain-integrated financial services. As traditional financial institutions and payment providers begin to adopt stablecoin infrastructure, the rate of acceptance could surge, turning stablecoins into a crucial foundation for global digital commerce.

Thạch Sanh