為什麼比特幣和大多數頂級數字貨幣在2025年未能獲得任何基礎

分析平台加密量已經確定了這種放緩的主要原因 - 均值降低了Binance，尤其是USDT和USDC的穩定餘額。

The year 2025 has seen the cryptocurrency market struggling with severe liquidity problems, with Bitcoin and most top digital currencies failing to make any significant gains. Analytical platform CryptoQuant has set out to identify the main reason for such a slowdown.

2025年，加密貨幣市場在嚴重的流動性問題上掙扎，比特幣和大多數頂級數字貨幣未能取得任何巨大收益。分析平台加密量已經著手確定這種放緩的主要原因。

According to the analysis, the main factor hindering the crypto market's recovery is the decreasing stablecoin balances on Binance, especially USDT and USDC. These stablecoins are used to purchase cryptocurrencies, and their depletion indicates a decline in demand for digital assets.

根據分析，阻礙加密貨幣市場的複甦的主要因素是二重奏的穩定量降低，尤其是USDT和USDC。這些穩定劑用於購買加密貨幣，它們的耗竭表明對數字資產的需求下降。

"Lower reserve ratio means decreased purchasing power that in turn means that the amount of fresh money coming into the market will be limited. This decrease occurred at the same time, as the Bitcoin price continues to stagnate near its resistance levels furthering the idea that a lack of liquidity limits price action. If these stablecoins are not streaming in, the rest of the market may find it difficult to sustain the kind of recovery they are now experiencing.”

“較低的儲備比意味著降低的購買力又意味著進入市場的新鮮資金數量將受到限制。這種下降發生在同一時間，因為比特幣價格繼續停滯在其阻力水平附近，這進一步促進了缺乏流動性的價格限制價格行動的想法。如果這些Stablecoin並沒有在市場上流離失所，那麼這種情況就會持續到他們現在的恢復，他們的恢復能力很困難。

Over the past few months, Binance has been reducing its USDT and USDC reserves. Lower reserves of such stablecoins mean that there is less capital available in the direct purchase of cryptocurrencies, hence, lower overall market demand. Indeed, most investors and traders use the liquidity in the stablecoins to fund large transactions and to move prices. As reserves decline, the market becomes less active, which negatively affects Bitcoin and altcoins to achieve significant gains.

在過去的幾個月中，Binance一直在減少其USDT和USDC儲備。這種穩定的儲備金較低意味著直接購買加密貨幣的資本較少，因此總體市場需求較低。實際上，大多數投資者和交易者都使用穩定幣中的流動性來資助大型交易並提高價格。隨著儲備的下降，市場變得不那麼活躍，這對比特幣和山寨幣產生了負面影響。

This is in line with the apprehensive mood of investors that was evident during the early part of 2025. Increased macroeconomic risk and political volatility have, however, made most multinational companies cautious about large investments.

這與2025年初明顯的投資者心情相符。但是，宏觀經濟風險和政治波動的增加使大多數跨國公司對大型投資持謹慎態度。

Most of the traders refrain from making a large trade because most players are still in the wait-and-see mode due to lack of directional certainty and the emergence of liquidity. This is what has led to a range-bound market for crypto, with a shuttling of prices trapped in set patterns.

大多數交易員都不要進行大型交易，因為由於缺乏方向確定性和流動性的出現，大多數玩家仍處於等待狀態。這就是導致加密貨幣的範圍結合市場的原因，其價格被困在設定的模式中。

If the downtrend in stablecoin persists, monetary constrains may be worse, putting a cap on any potential recovery of the market. Therefore, Bitcoins and other leading cryptocurrencies may take more time to enter a new ranging market. However, more reserves may imply that the trend may be reversed tones, thus, may give a signal of the flow of capital in the market. Investors and analysts pay special attention to these reserves that signal shifts in investor demand or buying pressure.

如果Stablecoin的下降趨勢持續存在，那麼貨幣限制可能會更糟，這在任何潛在的市場恢復中都限制了。因此，比特幣和其他領先的加密貨幣可能需要更多時間才能進入新的市場。但是，越來越多的儲量可能意味著趨勢可能會顛倒，因此可能會發出市場中資本流的信號。投資者和分析師特別關注這些儲備，這些儲量信號在投資者需求或購買壓力上轉移。

The analysis also indicates that liquidity in stablecoins is one of the most crucial factors affecting the market. This simply means that whether the market is going to remain stagnant or experience a breakout strongly depends on the liquidity. Stablecoins and chubby are now interesting to traders and investors as closely as the metric of their reserves. The next major movement in the crypto sector might be dictated by the developments in the coming weeks.

分析還表明，穩定蛋白的流動性是影響市場的最關鍵因素之一。這僅意味著，市場是否將保持停滯狀態或經歷突破，這在很大程度上取決於流動性。現在，Stablecoins和Chubby對貿易商和投資者的儲備指標都非常有趣。加密部門的下一個重大運動可能是未來幾週的發展決定的。