Ethereum is showing two major signals this quarter: record-breaking stablecoin settlement flows and a new long-term accumulation pattern highlighted by market analysts. Fresh data from Token Terminal place Q4 stablecoin transfers near the 6-trillion-dollar mark, already above last quarter’s total with weeks still remaining.
At the same time, chart analysts say Ethereum’s multi-year structure has moved into a Wyckoff accumulation phase, reflecting quieter positioning beneath the surface as the market resets after the 2022–2023 decline.
Ethereum Stablecoin Volume Nears 6 Trillion Dollars in Q4
Ethereum is on pace to process nearly 6 trillion dollars in stablecoin transfers during the fourth quarter, according to new data from Token Terminal. The chart shows that Q4 activity has already surpassed Q3 levels even though the quarter is not finished. This marks one of the strongest periods of on-chain settlement for Ethereum as demand for stablecoin transfers continues to accelerate across DeFi and exchange infrastructures.
Ethereum Stablecoin Transfer Volume (Quarterly). Source: Token Terminal
The figure also places Ethereum ahead of the most recent quarterly transaction volumes reported by Visa and Mastercard. While the networks measure traditional payment activity and Ethereum records on-chain transfer volume, the scale gap this quarter remains notable. It highlights how much value now moves through blockchain rails as stablecoins become a preferred settlement tool for trading, remittances, and institutional flows.
The jump in activity reinforces Ethereum’s position as the primary settlement environment for stablecoins. USDT, USDC, and other dollar-pegged tokens account for most of the volume, driven by increased use across decentralized exchanges, lending pools, and cross-chain bridges. With a month still left in the quarter, analysts expect the final Q4 figure to become Ethereum’s largest stablecoin volume reading to date.
Analyst Maps Ethereum Into New Wyckoff Accumulation Phase
Crypto GEMs argues that Ethereum has entered a fresh accumulation zone under the Wyckoff market-cycle framework, based on a long-term price chart that labels prior mark-up, distribution, mark-down, and accumulation phases. The current range follows the 2022–2023 decline, which the analyst treats as the last mark-down before a potential trend reset.
Ethereum Wyckoff Cycle Phases. Source: Crypto GEMs / TradingView
In this reading, the sideways structure since 2023 mirrors earlier periods when large players quietly built positions ahead of stronger advances. Crypto GEMs says past cycles on the chart show that similar accumulation blocks have preceded powerful mark-up legs, and projects that a new advance could eventually carry Ethereum toward the 20,000-dollar area by 2026.
The post notes that sentiment remains divided, with skeptical traders viewing the range as exhaustion while more optimistic holders treat it as a chance to increase exposure. Any Wyckoff-style mark-up phase would still depend on broader liquidity, macro conditions, and sustained demand for Ethereum’s network and applications.
