The recent surge in stablecoin liquidity has brought the total market cap to a record-breaking $323 billion, according to DeFiLlama data.
This significant increase is closely tied to Ethereum's on-chain strength, particularly its staking ratio which has climbed to an all-time high of 32.4%, as reported by Token Terminal.
Rising stablecoin liquidity and record ETH staking are tightening liquid supply while reinforcing Ethereum's on-chain strength.
Historical patterns suggest that improving liquidity conditions could support ETH/BTC stabilization and a potential shift in relative momentum, potentially shifting the balance back in favor of Ethereum.