Ethereum led the past week's growth in stablecoin market capitalization, adding $243.4 million, yet ETH fell 7.1% over the same period. ETH ETFs recorded outflows in October, and Ethereum's open interest has declined from nearly $18 billion in late September.
Ethereum led stablecoin market cap growth over the past week, even as the broader crypto market goes through a bearish phase. According to Token Terminal data, its stablecoin market capitalization rose by $243.4 million.
Arbitrum One followed with $108.6 million and Base with $51.1 million. Together, the three networks added $403.1 million in the past seven days.
ETH price drops despite stablecoin inflows
Still, the growth does not automatically mean more users are entering these networks or that the price will rise. ETH traded at $2,492.27 at press time, after a modest drop in 24 hours and a 7.1% drop over the week.
The RSI traded slightly above the neutral line, which suggests the bulls were present but not strong, while narrowing Bollinger bands hinted at low volatility and price consolidation.
Meanwhile, ETH ETFs saw outflows worth $634.80 million in October so far.
Leveraged positioning may be cooling
Ethereum's derivatives market for October suggests leveraged positioning is beginning to cool. Total open interest rose from around $12 billion in mid-August to nearly $18 billion in late September.
However, it then declined, reaching approximately 15.42 billion by the 10th of October. The key question is whether open interest stabilizes as ETH prices move or keeps falling, which could show whether traders are rebuilding conviction or turning more cautious.
Source: AMBCrypto
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