ETH-based USDT active addresses hit record 300K, signaling on-chain shift

The 30-day moving average of active addresses for Ethereum-based USDT has surged to an all-time high of approximately 300,000, according to crypto analyst CryptoOnchain. This occurred as Bitcoin's price declined after failing to break through the $92,000 resistance level. The analyst noted that on-chain indicators and stablecoin outflows from exchanges suggest this activity reflects a shift of funds into DeFi protocols and self-custody wallets, rather than an inflow into centralized exchanges. CryptoOnchain concluded that liquidity is currently concentrated within the Ethereum network and could be redeployed into the broader market once a clear directional trend emerges.