比特幣下跌，穩定幣飆漲：未來購買力已顯現

分析師指出，受到聯準會的影響，比特幣價格在創下歷史新高後陷入停滯。穩定幣市值持續上升，顯示購買能力強勁。比特幣的 MVRV Z 分數表明潛在的好轉，表明市場尚未過度擴張。

Bitcoin Price Stumbles Amidst Federal Reserve Cautiousness, But Stablecoin Market Soars, Suggesting Future Buying Potential

比特幣價格在聯準會的謹慎態度中下跌，但穩定幣市場飆升，顯示未來的購買潛力

Following a meteoric rise to record highs in mid-March, Bitcoin's (BTC) upward trajectory has encountered a temporary pause, hovering above $70,000 with difficulty. Analysts attribute this slowdown to diminished expectations of a June Federal Reserve interest rate cut.

繼3月中旬飆升至歷史新高後，比特幣(BTC)的上漲軌跡遇到了暫時的停頓，艱難地徘徊在70,000美元上方。分析師將這種放緩歸因於聯準會六月降息的預期減弱。

Stablecoin Market Cap Surges, Indicating Strong Buying Power

穩定幣市值飆升，顯示購買力強勁

While Bitcoin's price remains steadied, a different narrative unfolds within the stablecoin ecosystem. Stablecoins, cryptocurrencies pegged to the value of the US dollar, have emerged as a potential "war chest" for future token purchases. The total supply of the three leading stablecoins, Tether (USDT), USD Coin (USDC), and DAI (DAI), has witnessed consistent growth.

雖然比特幣的價格保持穩定，但穩定幣生態系統中卻出現了不同的情況。穩定幣是與美元價值掛鉤的加密貨幣，已成為未來代幣購買的潛在「戰爭基金」。 Tether（USDT）、USDC（USDC）、DAI（DAI）三大穩定幣的總供應量持續成長。

Data from TradingView reveals a 2.1% surge in their combined market capitalization, reaching $141.42 billion, a high not seen since May 2022. This year alone, the cumulative supply has expanded by over $20 billion.

TradingView 的數據顯示，它們的總市值猛增 2.1%，達到 1,414.2 億美元，這是自 2022 年 5 月以來的最高水準。光是今年，累計供應量就增加了超過 200 億美元。

Reflexivity Research, a leading crypto analytics firm, interprets this significant rise in stablecoin supply as a positive indicator for the cryptocurrency market. "As this [stablecoin supply] continues to trend upwards, it indicates capital is still flowing into crypto," the firm asserted in a recent newsletter.

領先的加密分析公司 Reflexivity Research 將穩定幣供應量的大幅成長解讀為加密貨幣市場的正面指標。該公司在最近的一份時事通訊中聲稱：“隨著[穩定幣供應]繼續呈上升趨勢，這表明資本仍在流入加密貨幣領域。”

In essence, the ample supply of stablecoins signals a strong potential for buying power in the event of a Bitcoin price dip, potentially leading to a resumption of the broader upward trend. Stablecoins have become the preferred method for acquiring cryptocurrencies in spot markets and trading derivatives since late 2021.

從本質上講，穩定幣的充足供應表明，如果比特幣價格下跌，穩定幣的購買力潛力巨大，可能會導致更廣泛的上漲趨勢恢復。自 2021 年底以來，穩定幣已成為現貨市場獲取加密貨幣和交易衍生性商品的首選方式。

Bitcoin's Market Value-to-Realized Value (MVRV) Suggests Potential Upswing

比特幣的市值與實現價值（MVRV）顯示潛在的上漲

Beyond stablecoins, other indicators also point towards a potential upswing for Bitcoin. The Z-score of the coin's market value-to-realized value (MVRV) ratio suggests a bullish outlook.

除了穩定幣之外，其他指標也顯示比特幣可能上漲。代幣市值與實現價值（MVRV）比率的 Z 分數表明前景看漲。

The MVRV Z-score measures the deviation of market value from a perceived "fair value," calculated by the total cost basis of all Bitcoins in circulation. Historically, a score below zero has indicated market bottoms, while readings exceeding seven have signified market tops.

MVRV Z 分數衡量市場價值與感知「公允價值」的偏差，「公允價值」是根據所有流通比特幣的總成本基礎計算得出的。從歷史上看，低於零的分數表示市場觸底，而讀數超過七則表示市場觸頂。

According to Glassnode data, Bitcoin's MVRV Z-score currently stands at a comfortable 2.87, indicating that the asset is neither oversold nor approaching a major market peak.

根據 Glassnode 數據，比特幣的 MVRV Z 分數目前處於舒適的 2.87，顯示該資產既沒有超賣，也沒有接近主要市場高峰。

Considerations and Implications

注意事項和影響

While the rise in stablecoin supply indicates potential buying power, it is essential to note that this capital may not necessarily be directed toward Bitcoin. Additionally, the MVRV Z-score is a historical indicator, and past performance does not guarantee future results.

雖然穩定幣供應量的增加表明了潛在的​​購買力，但必須注意的是，這種資本不一定會流向比特幣。此外，MVRV Z 分數是歷史指標，過去的表現並不能保證未來的結果。

Nonetheless, the surging stablecoin supply suggests that crypto investors are accumulating capital, potentially foreshadowing renewed buying power and continuing the broader crypto market's upward trend. This development implies that investors view the current Bitcoin slowdown as a buying opportunity, anticipating future price increases.

儘管如此，穩定幣供應量的激增表明加密貨幣投資者正在累積資本，這可能預示著新的購買力並持續更廣泛的加密貨幣市場的上升趨勢。這一發展意味著投資者將當前的比特幣放緩視為買入機會，並預計未來價格將上漲。