Ethereum Stablecoin Activity Explodes 400% in 30 Days — Whales Are Buying the Dip. Is $5K ETH Next?

Ethereum is once again proving its dominance in the crypto ecosystem — this time through a massive surge in stablecoin activity that signals deep-pocketed investors are quietly accumulating during the latest price pullback.

According to Token Terminal, stablecoin transfers on Ethereum have skyrocketed 400% over the past month, hitting a record-breaking $580.9 billion in transaction volume and over 12.5 million transfers. The total stablecoin market cap on Ethereum now exceeds $163 billion, solidifying its role as the backbone of on-chain liquidity and DeFi settlement.

The spike coincides with Ethereum’s dip to around $3,738, marking a 4.6% decline over the last week — but instead of fleeing, whales appear to be doubling down.

Data from Arkham Intelligence reveals that large-scale wallets have been aggressively buying ETH during this correction. One newly created address, 0x86Ed, spent a staggering $32.47 million to acquire 8,491 ETH in just three hours.

Meanwhile, prominent whale investor Machi Big Brother, who recently faced a large liquidation, deposited 284,000 USDC into Hyperliquid to open fresh long positions — signaling renewed confidence in an upcoming rebound.

Market analysts suggest that this spike in stablecoin velocity — especially concentrated on Ethereum — often precedes major bullish reversals. As whale wallets refill and leverage positions rise, speculation is mounting that Ethereum could be setting up for a breakout toward $5,000 in the coming weeks.

With stablecoin flows at record highs and institutional buying pressure intensifying, the question for traders now is simple:

Is this the calm before Ethereum’s next parabolic move?