I noticed that the active addresses for USDT and USDC on Ethereum have dropped quite a bit. According to Santiment data, the metric has hit the lowest levels since December—USDT with 202,000 daily active addresses and USDC at around 109,000. It’s kind of interesting because usually, when these stablecoins move, it means people are shifting money between volatile coins and “dry powder.”

What stands out is that this is happening exactly as Ethereum and Bitcoin are recovering. People typically use USDC token and USDT when they want to get out of volatility, so less movement here suggests that traders are more confident in holding positions in riskier assets. If Bitcoin continues to rise, it’s likely that more money will start moving again—when volatility returns, there’s a greater need to have stablecoins on hand.

For now, Ethereum is trading near $2,310, but down about 1% over the past 7 days. Meanwhile, the USDC token remains stable as expected for a stablecoin. These active address figures are often good indicators of what the market is really doing, so it’s worth keeping an eye on them.