I just checked the on-chain data and noticed something interesting: the active addresses for USDT and USDC on Ethereum are at their lowest point in months. Santiment reported that USDT dropped to 202,300 addresses and USDC to 109,300, both quite low metrics. When you see fewer addresses interacting with these stablecoins, it usually means there is less capital movement between volatility and safe haven.

The curious thing is that this is happening right now as ETH and the overall market are recovering. Bitcoin was around 75K according to the latest reports, so theoretically, there should be more activity. But it seems that USDT holders are being more cautious with their transactions at this moment. Some analysts speculate that when volatility increases further, we will see that 'dry powder' moving again.

By the way, USDT has been reversing its market capitalization trend — it recently shifted from negative to positive. And ETH is at $2.31K, although it has dropped 1% in the last 7 days. Everything indicates we are in a consolidation phase before something moves more strongly. I will keep observing how activity on Ethereum reacts when things become more volatile.