Ethereum is exhibiting two significant signals this quarter: record-breaking stablecoin settlement flows and a new long-term accumulation pattern, as highlighted by market analysts. Recent data from Token Terminal indicates that Q4 stablecoin transfers are approaching the 6-trillion-dollar mark, having already surpassed last quarter's total with several weeks remaining in the current quarter.
Concurrently, chart analysts suggest that Ethereum's multi-year structure has entered a Wyckoff accumulation phase. This phase reflects a period of quieter positioning beneath the surface as the market recalibrates following the decline experienced in 2022–2023.
Ethereum Stablecoin Volume Nears 6 Trillion Dollars in Q4
Ethereum is on track to process nearly 6 trillion dollars in stablecoin transfers during the fourth quarter, according to new data from Token Terminal. The chart indicates that Q4 activity has already surpassed Q3 levels, even though the quarter is not yet concluded. This marks one of the strongest periods of on-chain settlement for Ethereum, as demand for stablecoin transfers continues to accelerate across decentralized finance (DeFi) and exchange infrastructures.
This figure also places Ethereum ahead of the most recent quarterly transaction volumes reported by payment giants like Visa and Mastercard. While these networks measure traditional payment activity and Ethereum records on-chain transfer volume, the scale of this quarter's activity remains notable. It underscores the significant value now being transacted through blockchain rails, with stablecoins becoming a preferred settlement tool for trading, remittances, and institutional flows.
The surge in activity reinforces Ethereum's position as the primary settlement environment for stablecoins. USDT, USDC, and other dollar-pegged tokens constitute the majority of this volume, driven by increased usage across decentralized exchanges, lending pools, and cross-chain bridges. With a month still left in the quarter, analysts anticipate that the final Q4 figure will represent Ethereum's largest stablecoin volume reading to date.
Analyst Maps Ethereum Into New Wyckoff Accumulation Phase
Crypto GEMs suggests that Ethereum has entered a new accumulation zone within the Wyckoff market-cycle framework. This analysis is based on a long-term price chart that delineates prior mark-up, distribution, mark-down, and accumulation phases. The current sideways trading range follows the decline observed in 2022–2023, which the analyst interprets as the final mark-down phase preceding a potential trend reset.
In this interpretation, the sideways price action observed since 2023 mirrors earlier periods when large market participants quietly accumulated positions in anticipation of stronger price advances. Crypto GEMs points to historical cycles on the chart, indicating that similar accumulation patterns have preceded significant mark-up phases. The analyst projects that a new advance could eventually propel Ethereum toward the 20,000-dollar area by 2026.
The analysis notes that market sentiment remains divided, with some skeptical traders viewing the current range as a sign of exhaustion, while more optimistic holders see it as an opportunity to increase their exposure. Any potential Wyckoff-style mark-up phase would still be contingent on broader liquidity conditions, macroeconomic factors, and sustained demand for Ethereum's network and its associated applications.