#ETHBreaks3700 One of the oldest signals of a bear market is when the supply of stablecoins rises, but the rest of the network calms down. Usually, an increasing pile of USDC, USDT, or DAI with no corresponding rise in trading activity or protocol means that users are retreating and not preparing. This divergence becomes apparent when the number of transactions decreases, decentralized trading volumes flatten, and wallet activity shrinks, even as stablecoin balances creep across chains. Capital is not leaving. It's just waiting, marginalized. In mid-2023, the supply of stablecoins from Ethereum surpassed $78 billion, while daily active addresses fell by more than 25%. Activity on Arbitrum and Optimism slowed in parallel. After two weeks, ETH dropped from $1,870 to $1,570, and DeFi TVL shrank by 15%. You will notice this shift across dashboards displaying wallet usage, stablecoin flows, and on-chain transaction volumes. When the money is still there, but no one is using it, the party is already over. $SOL $ETH $XRP