Stablecoin Ethereum Surges to US$1.4 Billion, Sparks Bullish Hopes Despite Price Drop
Ethereum (ETH) recorded a decrease of 8.95% in the last week, but market sentiment towards Ethereum remains optimistic. The addition of stablecoins worth approximately US$1.4 billion to the Ethereum network has increased demand and user activity, potentially driving wider usage of Ethereum.
Artemis data also recorded a spike in *Bridged Netflow*, with an inflow of US$114,000 to Ethereum, mostly coming from Solana (SOL) investors selling their assets. This trend indicates strong investor confidence in Ethereum's bullish prospects compared to other assets.
Additionally, the *Total Value Locked* (TVL) in Ethereum protocols rose by 3.46%, adding liquidity of US$2.88 billion in a short period. This signifies that a lot of Ethereum is being locked by investors, reducing the circulating supply.