While most traders are chasing short-term market pumps, a quiet structural shift is taking place behind the scenes, and it’s forming around Ethereum. According to 10x Research, stablecoin inflows and staking activity are showing signs of a major structural setup that could shape Ethereum’s next big move heading into 2026.

Despite Ethereum’s slow price performance in recent months, on-chain liquidity tells a very different story.

Data from 10x Research shows that USDT (Tether) supply on Ethereum has surged from $54 billion to over $102 billion since President Trump’s election. That’s almost a doubling of liquidity, quietly flowing into Ethereum’s ecosystem while market attention remains elsewhere.

Meanwhile, Tron, which had long dominated stablecoin activity due to lower fees, is now falling behind. The steady rise in Ethereum-based USDT suggests that capital is shifting back to the Ethereum ecosystem, potentially laying the groundwork for a major recovery phase.

Behind this liquidity shift is a broader regulatory and institutional trend. U.S. crypto policy under the new administration has started to favor transparent, on-chain activity, a development that plays directly into Ethereum’s strengths.

At the same time, major staking providers like P2P Validator, which oversees more than $10 billion in assets, are making staking easier and more secure for institutional investors.

This is helping Ethereum become the hub for both liquidity and yield, a combination that could strengthen price momentum once market confidence grows.

While price charts may still look dull, the network’s fundamentals, liquidity, staking, and policy support are aligning for what could be a massive breakout phase by 2026.

Ethereum might look quiet for now, but history shows that the biggest moves often begin in silence.

As of now, ETH is trading around $3,580, holding well above the $3200 resistance level. If the recovery continues, resistance levels to watch are $3,650, $3,710, and potentially $3,920.

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