ETH Price Below $4K Despite Massive Stablecoin Activity and Bhutan Backing

Ethereum ETH $3 932 24h volatility: 5.4% Market cap: $471.86 B Vol. 24h: $54.01 B spot ETFs have recorded their third straight day of outflows, totaling $429 million on Oct. 13. Bitcoin BTC $110 653 24h volatility: 3.7% Market cap: $2.20 T Vol. 24h: $76.44 B spot ETFs also saw $327 million in outflows, though BlackRock’s IBIT fund managed to attract inflows.

CoinMarketCap shows that ETH is down 5% in the past 24 hours and almost 15% in the past week. The cryptocurrency lost the $4,000 price tag and currently trades near $3,900.

On the other hand, the Ethereum network has recorded strong on-chain activity, particularly in stablecoin transactions, as Bhutan makes history by fully integrating its national digital identity system on the Ethereum blockchain.

Ethereum ETFs Face Pressure Despite Network Strength

The continued outflows from Ethereum spot ETFs indicate that investors are taking profits or reallocating capital amid broader market uncertainty, mirroring similar moves seen in Bitcoin ETFs.

Interestingly, over the past year, the number of unique stablecoin senders on Ethereum has grown rapidly. From January 2020 to July 2024, the chain averaged about 400,000 weekly senders.

Since August 2024, that number has increased by nearly 1.7% per week, hitting record highs in 2025. The last two weeks alone have seen more than one million unique stablecoin senders per week.

Bhutan Anchors National ID on Ethereum

The Kingdom of Bhutan has migrated its National Digital Identity (NDI) system from Polygon to Ethereum, becoming the first nation to anchor a live, population-scale identity system on a public blockchain. The integration is already operational, with full migration expected by early 2026.

The move allows Bhutan’s nearly 800,000 citizens to verify credentials, such as age or residency, through verifiable credentials linked to Ethereum’s validator network.

This marks a major milestone for both the country and Ethereum, showcasing how decentralized infrastructure can support secure, citizen-owned data systems.

Bhutan’s prime minister and crown prince attended the launch ceremony alongside Ethereum leaders Vitalik Buterin and Aya Miyaguchi, emphasizing the partnership’s national importance.

As stablecoin adoption deepens and national-level integrations like Bhutan’s expand, Ether is well-positioned to be the next big crypto in the upcoming year.

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