在過去的一年中

在過去的一年中，雪崩網絡上的Stablecoin供應量從2024年3月的15億美元增長到截至2025年3月31日的25億美元以上，增長了70％以上

Avalanche saw a significant surge in stablecoin supply over the past year, but the onchain deployment of this capital points to passive investor behavior, which may be limiting demand for the network’s utility token.

在過去的一年中，雪崩的穩定供應激增，但該資本點將其轉向被動投資者的行為，這可能限制了對網絡公用事業令牌的需求。

The stablecoin supply on the Avalanche network rose by over 70% over the past year, according to Avalanche’s X post.

根據Avalanche的X Post，在過去一年中，雪崩網絡上的Stablecoin供應增長了70％以上。

This is a huge influx of capital that could potentially increase demand for the network’s native token, AVAX. However, AVAXUSD has been largely in a downtrend, dropping nearly 60% over the past year.

這是大量資本湧入，可能會增加對網絡本地令牌Avax的需求。但是，Avaxusd在很大程度上處於下降趨勢，過去一年下降了近60％。

Stablecoins are the main bridge between the fiat and crypto world and increasing stablecoin supply is often seen as a signal for incoming buying pressure and growing investor appetite.

穩定幣是菲亞特和加密貨幣世界之間的主要橋樑，而增加的穩定供應量通常被視為收購壓力和不斷增長的投資者需求的信號。

However, onchain data from IntoTheBlock suggests that this capital is not being deployed to generate network activity, which may be limiting the need for the AVAX token.

但是，來自Intotheblock的OnChain數據表明，該資本並未部署以生成網絡活動，這可能限制了對Avax令牌的需求。

“The apparent contradiction between surging stablecoin value on Avalanche and AVAX's significant price decline likely stems from how that stablecoin liquidity is being held and used,” said Juan Pellicer, senior research analyst at IntoTheBlock crypto intelligence platform.

Intotheblock Crypto Intelligence Platform的高級研究分析師Juan Pellicer說：“在雪崩中飆升的穩定價值與大幅下跌之間的矛盾可能源於該穩定的流動性如何保持和使用。”

A “substantial portion” of these inflows consists of bridged Tether (USDT), the research analyst told Cointelegraph, adding:

研究分析師告訴Cointelegraph，這些流入中的“很大一部分”由橋接的繫帶（USDT）組成，並補充說：

This capital is largely passive and serves as a store of value rather than being deployed to generate network activity, which could increase demand for the AVAX token.

該資本在很大程度上是被動的，並且是一種價值存儲，而不是部署以產生網絡活動，這可能會增加對avax代幣的需求。

The lack of onchain activity in turn limits the need for gas fees, which are paid in the network’s native token.

不足的一鏈活動反過來限制了對網絡本地令牌支付的汽油費的需求。

The AVAX token’s downtrend comes during a wider crypto market correction, as investor sentiment is pressured by global uncertainty ahead of US President Donald Trump’s reciprocal import tariff announcement on April 2, a measure aimed at reducing the country’s estimated trade deficit of $1.2 trillion.

Avax代幣的下降趨勢是在更廣泛的加密市場更正期間發生的，因為投資者的情緒受到美國總統唐納德·特朗普（Donald Trump）在4月2日的互惠進口關稅公告之前的全球不確定性的壓力，旨在減少該國估計的貿易赤字1.2億美元。

70% chance for crypto market to bottom by June: Nansen analysts

加密貨幣市場的70％的機會到6月：Nansen分析師

According to Nansen analysts, there’s a 70% chance that the crypto market will bottom in the next two months leading into June as the ongoing tariff-related negotiations progress and investor concerns are alleviated.

根據Nansen分析師的說法，由於正在進行的與關稅有關的談判的進展和投資者的擔憂得到緩解，因此加密貨幣市場的可能性有70％。

“Once the toughest part of the negotiation is behind us, we see a cleaner opportunity for crypto and risk assets to finally mark a bottom,” Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform, told Cointelegraph.

Nansen Crypto Intelligence Platform的首席研究分析師Aurelie Barthere告訴Cointelegraph：“一旦談判中最艱難的部分就在我們身後，我們看到了一個更清潔的機會，並有風險資產最終標誌著底部。”

Both traditional and cryptocurrency markets continue to lack upside momentum ahead of the US tariff announcement.

在美國關稅宣布之前，傳統和加密貨幣市場都繼續缺乏上升勢頭。

“For the main US equity indexes and for BTC, the respective price charts failed to resurface above their 200-day moving averages significantly, while lower-lookback price moving averages are falling,” wrote Nansen in an April 1 research report.

Nansen在4月1日的研究報告中寫道：“對於美國主要的股權指數和BTC，相應的價格表未能大幅超過其200天的移動平均值，而低外觀的價格移動平均值則下降。”