Ethereum stablecoin market cap rises $243.4 million amid ETH price decline

Ethereum’s stablecoin market capitalization grew by $243.4 million over a seven-day period ending October 10. This growth was part of a broader $403.1 million increase across three networks, which included $108.6 million for Arbitrum One and $51.1 million for Base.

Despite the rise in dollar-linked token balances, the price of Ether (ETH) fell 7.1% to approximately $2,492.27 during the same timeframe. Market indicators suggested weakening demand and positioning. U.S. spot Ether exchange-traded funds (ETFs) experienced outflows totaling $634.80 million in October.

In the derivatives market, open interest declined to roughly $15.42 billion by October 10, down from a peak of nearly $18 billion in late September. Additionally, the Network Realized Profit/Loss indicator showed increasing realized losses, and ETH traded below key support zones previously identified between $2,535 and $2,559.