Reviewed by Reviewed by Jacob Thomas Updated 13:00 EDT October 10, 2026 Share Share Share Back to Top The overall crypto market is currently going through a bearish phase, but Ethereum [ETH] still managed to lead the stablecoin market cap growth over the past week
According to Token Terminal data, Ethereum’s stablecoin market capitalization increased by $243.4 million, followed by Arbitrum One with $108.6 million and Base with $51.1 million
Together, these three networks recorded a $403.1 million increase in stablecoin market capitalization in the past seven days
However, this growth does not automatically mean that more users are entering these networks or there will be an increase in price
This is because ETH was trading at $2,492.27 at press time after a modest drop in the past 24 hours but a 7.1% drop in the past week. Interestingly, this comes soon after a recent report by AMBCrypto, which highlighted that ETH has found a new support around $2,535–$2,559, with $2,565 emerging as a key level to watch
At the same time, the RSI was trading slightly above the neutral line, suggesting that the bulls were there but not that strong. Whereas, the narrowing Bollinger bands hinted at low volatility and price consolidation
Meanwhile, the ETH ETFs saw outflows worth $634.80 million in October so far
Additionally, Ethereum’s derivatives market for the month of October further suggests that leveraged positioning is beginning to cool
According to the chart, Ethereum’s total Open Interest (OI) in USD rose sharply from around $12 billion in mid-August to nearly $18 billion in late September, indicating increased capital committed to outstanding ETH futures and derivatives positions
However, OI subsequently declined, reaching approximately 15.42 billion by the 10th of October. Meanwhile, the Network Realized Profit/Loss indicator fluctuated around zero during October, with occasional positive and negative spikes before nearing -121K
So, for Ethereum, the key question now is whether OI stabilizes as ETH prices move or continues declining. This in turn could help determine whether traders are rebuilding conviction or becoming more cautious
Ishika Kumari is a Crypto Analyst at AMBCrypto, specializing in regulatory developments, market dynamics, and blockchain’s real-world impact. She breaks down complex protocols and legislation into practical, easy-to-understand insights
