Ethereum has experienced a significant 20% price increase over the past month, driven by a surge in USDC flows on its network. The stablecoin's supply on Ethereum expanded by 10.13%, contrasting with a modest 1.46% increase in USDT flows. This shift suggests a strategic rotation favoring USDC, as major holders accumulate the stablecoin, reshaping liquidity dynamics on the network. Supporting this trend, the top 100 USDC wallets on Ethereum now hold $32.71 billion, with the top six controlling over 25.6% of the total supply. Additionally, USDC's market cap has jumped 30%, surpassing $80 billion, while Circle's stock surged 120% in the past 30 days. These developments align with Ethereum's 2025 upgrades, which have enhanced network throughput and on-chain activity, further influencing ETH's market repricing.