According to glassnode research report:

Overall, stablecoins have increased their net purchasing power on exchanges by $4 billion/month. This suggests that despite market turmoil, investors appear to be more inclined to hold untrustworthy Bitcoin and Ethereum assets at this time, rather than stablecoins issued by centralized entities.

This is a quite intriguing signal, and can be said to be a constructive signal of confidence in base layer assets.