ETH Stablecoin Supply Adds $121M as Strategy Holds BTC

Stablecoin supply on Ethereum finally turned positive last week, adding $121M in market cap after several weeks of contraction. The shift matters because stablecoin float on chain is the closest proxy to dry powder sitting on the sidelines waiting to deploy into crypto assets.

Spot DEX volume recovered slightly week over week, but perpetual trading continued to slow across the major venues, a divergence that points to traders reducing leverage rather than exiting the complex entirely. Protocol revenue tracked the same pattern.

Corporate treasury moves

Strategy did not add or sell any BTC last week, standing pat for the first stretch in months. Seven other public companies trimmed a combined 909.3 BTC (~$57M) from their treasuries, a modest but notable rotation away from spot BTC exposure at the corporate level.

The other side of that ledger is Bitmine, which continued its ETH accumulation with another 27,801 ETH (~$49.12M) bought last week. Bitmine has been one of the more consistent corporate ETH buyers, and the pace is now large enough to register as a steady bid rather than one-off treasury diversification.