Ethereum stablecoin usage has skyrocketed by 400% over the past 30 days, reaching a record $580.9 billion in total value locked, according to Cryptonews. This surge is accompanied by over 12.5 million transfers, highlighting increased activity on the network. On-chain data from Arkham Intelligence reveals significant whale activity, with large investors capitalizing on Ethereum's price dip to $3,738. Notably, a newly created wallet acquired 8,491 ETH for $32.47 million within three hours. Additionally, the liquidated whale known as Machi Big Brother deposited 284,000 USDC into Hyperliquid to sustain a long position on ETH. Analysts believe this accumulation and growing institutional interest could propel ETH towards the $5,000 mark.