$USDT overtook $ETH by market cap: that says where confidence sits right now.
ETH dropped 5.2% in 24 hours. Fell to $1,510, below $185B cap.
USDT's $186B moved past it because ETH fell into the gap.
Stablecoins now sit near 15% of total crypto market cap. supply contracted 30%+ last bear market.
This cycle, stablecoins are hitting record highs while everything else bleeds. Demand that's stopped tracking the cycle.
Same pattern just hit XRP. USDC overtook it too.
$XRP fell toward $1, lowest since November 2024.
If stablecoin demand keeps decoupling from the cycle while ETH keeps retesting the same floor, what does ETH actually need to reclaim the narrative
