Ether reclaimed $2,500 on Thursday as two sources of fresh dollars arrived at once: U.S. spot Ether ETFs and a rebound in stablecoin supply. The funds have taken in $1.18 billion across eight consecutive trading days, their longest positive run since April and the largest eight-day haul since October, according to SoSoValue. Ether added about $192 million on Wednesday alone, matching the eight-day count now posted by Bitcoin products.
The other bid is on-chain. Total stablecoin market cap has grown by about $4.1 billion over the past two weeks, with $2.37 billion of that arriving in the last seven days. It is the first two-week expansion since mid-May. Between mid-May and 11 August the stock of dollar tokens had contracted by roughly $16.1 billion as the crypto market sold off. Ethereum still hosts about $162 billion of that stock, around 54.5% of a global market near $298 billion across 46 chains.
What the flows say about this rally
Native crypto money and traditional allocators are pointing the same way. Bitcoin funds are on the same eight-day streak, taking in about $232 million on Wednesday and roughly $2.8 billion over the run, with August inflows already above $3 billion. That is the strongest month of 2026 for the products, though they remain about $2.5 billion negative on the year after the May-to-July outflow. The Ether products are a cleaner story: eight green days and a reclaim of a round number that traders had treated as resistance. See our Bitcoin $80,000 breakout note for the parallel move in the larger asset.
ETH is consolidating above about $2,430. The $2,550 area is the next test. A hawkish surprise from Chair Warsh at Jackson Hole this morning is the obvious risk to both the ETF bid and the stablecoin expansion, because both depend on risk appetite staying intact. For the policy calendar, see what is at stake in the Warsh keynote.
Why stablecoin supply matters for ether
When dollar tokens expand, they typically land first on Ethereum, then move into trading, lending, and settlement. A $4.1 billion two-week lift after a $16.1 billion contraction is not a full rebuild, but it is the first evidence that dry powder is coming back onto the chain rather than leaving it. Traders watching ETH/BTC will treat a hold above $2,500 into the weekend as confirmation that ether is no longer just tagging along with Bitcoin's squeeze.