Santiment points out that low stablecoin yields are starting to push capital back into risk assets – and ETH is one of the main beneficiaries.

According to their view, declining returns on stablecoins could help Ethereum recover toward the $3,200 area, as money that was “hiding” in stables begins to look for better opportunities again.

It’s not a guaranteed target, but it’s a clear signal: the less attractive stablecoins become, the higher the chances we see a fresh wave of interest in ETH and altcoins.