According to @rovercrc, the stablecoin supply on Ethereum has reached a new all-time high, which the author characterizes as bullish for market liquidity and risk appetite (source: @rovercrc on X, Sep 8, 2025). Historically, elevated on-chain stablecoin balances are associated with greater crypto buying power as captured by Glassnode’s Stablecoin Supply Ratio methodology, which traders use to gauge potential rotation into assets like ETH and BTC (source: Glassnode Academy, Stablecoin Supply Ratio). For confirmation and execution, traders can monitor new USDT and USDC issuance and burns on Ethereum alongside exchange inflows and funding dynamics to assess whether this sidelined capital is moving into spot or perps for ETH and BTC (source: Tether Transparency; Circle Transparency; Glassnode exchange flow metrics).