On-chain data is flashing potential early signs of an incoming altseason.
The total supply of ERC20 stablecoins has surged to an all-time high of $128.7B, suggesting unprecedented liquidity parked in “dry powder” form, ready to enter risk assets. Alongside this, active addresses for stablecoins have broken past 250K for the first time in history, underscoring rising network activity and circulation levels typical before major market rotations.
The most notable signal comes from the All Stablecoins (ERC20) Exchange Netflow – Binance chart, which shows sustained positive inflows over recent weeks, often exceeding $67M+ per spike. Positive netflows into exchanges usually indicate increased purchasing power on standby — and Binance, as the largest spot & derivatives venue, is a critical funnel for altcoin liquidity during rotations.
At the same time, the BTC Dominance chart reveals a clear rejection from its Previous Cycle Bull Run Resistance zone. Historically, such rejections have coincided with capital flowing from BTC into mid and large-cap altcoins, marking the early to mid phases of altseason. Supporting this, Ethereum active addresses have risen sharply to 450K+, near cycle highs, positioning ETH as the likely lead driver of altcoin market momentum.
Conclusion:
The confluence of record-high stablecoin liquidity, Binance-dominated net inflows, surging on-chain activity in ETH, and BTC.D’s technical rejection collectively strengthen the case for a potential altseason breakout. Key confirmation would come if ETH breaks above its This Cycle Bull Run Resistance with strong volume while BTC.D continues its downward trajectory. Until then, these signals warrant close observation as capital positioning appears to be shifting under the surface.
Written by CryptoOnchain
