雪崩（avax）經歷了著名的穩定供應激增，但被動的鏈使用可能限制了需求

根據雪崩的職位，過去一年的供應量增加了70％以上，從2024年3月的15億美元增加到截至2025年3月31日的25億美元。

Avalanche (AVAX) has experienced a significant surge in stablecoin supply over the past year, but passive on-chain use may be limiting demand for its utility token.

在過去的一年中，雪崩（Avax）的穩定劑供應激增，但被動的鏈使用可能限制了對其公用事業令牌的需求。

As per the post from the Avalanche, the stablecoin supply has increased by over 70% in the past year, rising from $1.5 billion in March 2024 to more than $2.5 billion as of March 31, 2025.

根據雪崩的職位，過去一年中的穩定供應量增長了70％以上，從2024年3月的15億美元增加到截至2025年3月31日的25億美元以上。

Stablecoins are essential in the crypto space as they serve as a link between traditional (fiat) and digital currencies, which can indicate heightened buying activity and investor trust.

在加密貨幣空間中，穩定幣是傳統（菲亞特）和數字貨幣之間的聯繫，這可以表明購買活動和投資者信任的提高。

However, senior research analyst at IntoTheBlock, Juan Pellicer, further notes that the issue is how the stablecoin liquidity is being utilized. A large portion of the increment comes from bridged Tether (USDT), but rather than being actively employed in DeFi for lending or trading, a significant amount remains dormant in treasury holdings.

然而，胡安·佩里克（Juan Pellicer）的intotheblock的高級研究分析師進一步指出，問題是如何利用Stablecoin流動性。大部分增量來自橋接的繫繩（USDT），但沒有在Defi中積極用來貸款或交易，而是在財政部持有中仍處於休眠狀態。

Despite a $1 billion increase in stablecoin supply, Avalanche’s AVAX token has decreased by nearly 60% over the past year. The price has recovered to reach highs of around $55.70, and it is currently trading above $19.

儘管Stablecoin供應量增加了10億美元，但在過去的一年中，雪崩的avax代幣卻下降了近60％。價格已經恢復到55.70美元左右，目前的交易高於19美元。

AVAX’s price decline follows the broader crypto market downturn, which is being driven by investor uncertainty. A key factor is former U.S. President Donald Trump’s upcoming April 2 announcement on new import tariffs aimed at reducing the $1.2 trillion trade deficit. These tariffs have unsettled markets, impacting riskier assets like cryptocurrencies.

Avax的價格下跌是在更廣泛的加密市場下滑之後，這是由投資者不確定性驅動的。一個關鍵因素是美國前總統唐納德·特朗普（Donald Trump）即將於4月2日發布的有關新進口關稅的宣布，旨在減少1.2萬億美元的貿易赤字。這些關稅具有不穩定的市場，影響了諸如加密貨幣之類的風險資產。

Nansen analysts place the odds at 70% that the crypto market will hit bottom in the next two months as tariff negotiations continue and investor anxiety subsides.

Nansen分析師將加密貨幣市場將在接下來的兩個月中達到最低點，隨著關稅談判的繼續和投資者焦慮的消退，賠率將達到70％。

Both the traditional and crypto markets are still weak in anticipation of the U.S. tariff announcement.

在預期美國關稅公告時，傳統和加密市場仍然很薄弱。

In a report released on April 1, Nansen observed that BTC and key U.S. stock indexes have been unable to break through their 200-day moving averages, while shorter-term moving averages are still decreasing.

在4月1日發布的一份報告中，Nansen觀察到BTC和美國主要股票指數無法突破其200天的移動平均值，而短期移動平均水平仍在下降。