$ETH gained 30.36% over the past 30 days; price dispersion and on-chain US dollar reserves are diverging.
In the same period, BTC rose 23.42%, while SOL, XRP, ADA, and LINK saw even higher gains—on the surface, capital has already spread toward higher-beta assets. However, total on-chain stablecoin supply over the past 90 days is still down 3.18%, and the median spot成交 (trading) of ETH over the past 30 days is only 40% of the one-year benchmark. Even the Square buzz around ETFs and leverage can’t replace sustained trading.
Next, wait for stablecoin 30-day growth to reach 3% and for ETH trading to return to the one-year median. If prices retrace while both measures continue to contract, this spread is more likely to resemble a position-chasing catch-up.
#ETH #链上数据 #流动性
In the same period, BTC rose 23.42%, while SOL, XRP, ADA, and LINK saw even higher gains—on the surface, capital has already spread toward higher-beta assets. However, total on-chain stablecoin supply over the past 90 days is still down 3.18%, and the median spot成交 (trading) of ETH over the past 30 days is only 40% of the one-year benchmark. Even the Square buzz around ETFs and leverage can’t replace sustained trading.
Next, wait for stablecoin 30-day growth to reach 3% and for ETH trading to return to the one-year median. If prices retrace while both measures continue to contract, this spread is more likely to resemble a position-chasing catch-up.
#ETH #链上数据 #流动性
