儘管Stablecoin供應激增，但雪崩（avax）代幣的價格下跌了60％

在過去的一年中，雪崩的穩定供應激增，但該資本的部署到被動投資者的行為

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 on March 31.

根據3月31日雪崩的X帖子的數據，雪崩網絡上的Stablecoin供應在過去一年中增長了70％以上。

Stablecoin market capitalization on Avalanche. (Credit: Avalanche)

雪崩的Stablecoin市值。 （信用：雪崩）

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, Avalanche’s (AVAX) token has seen limited demand this year, with its price dropping nearly 60% over the past year to trade above $19 as of 12:31 pm UTC, despite the $1 billion increase in stablecoin supply, according to Cointelegraph Markets Pro data.

但是，根據CoIntelegraph Markets Pro Data的數據，儘管StableCoin供應量增加了10億美元，但今年的雪崩（Avax）代幣今​​年的需求有限，過去一年中的價格下跌了近60％，以超過19美元的價格交易。

AVAX/USD,1-year chart. Source: Cointelegraph Markets Pro

Avax/USD，1年圖表。資料來源：Cointelegraph Markets Pro

“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,” 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瓦斯（Avax）的大幅下降之間的矛盾可能源於該穩定的流動性如何。”

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：

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

Nansen analysts predict 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.

Nansen分析師預測，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，因此加密貨幣市場將在未來兩個月內最終導致加密市場的機會達到70％。

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

Nansen Crypto Intelligence Platform的首席研究分析師Aurelie Barthere說：“曾經是縫線中最艱難的部分，我們會看到加密貨幣和風險資產最終標記底部的更乾淨的機會。”

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。

BTC/USD, 1-day chart. Source: Nansen

BTC/USD，1天圖表。資料來源：南森

“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。”