One of the clearest signals this cycle is not price, it is stablecoin flow $ETH hit a new high in stablecoin supply while still holding the majority of onchain liquidity And the source of that flow is shifting toward institutions and tokenized assets That matters because it turns Ethereum into settlement infrastructure, not just a trading layer If this trend continues, the next leg likely comes from capital moving onchain, not speculation alone Will Ethereum keeps absorbing that flow or starts losing share to competing ecosystems?