Stablecoin Supply在此比特幣下降中顯示了不同的模式

一位分析師已經解釋了該比特幣校正階段與2024年的糾正階段如何根據該鏈度量的數據有所不同。

An analyst has explained how this Bitcoin correction phase may be different from the 2024 one, based on the data of this on-chain metric.

一位分析師已經解釋了該比特幣校正階段與2024年的糾正階段如何根據該鏈度量的數據有所不同。

Stablecoin Supply Is Displaying A Different Pattern In This Bitcoin Downturn

Stablecoin Supply在此比特幣下降中顯示了不同的模式

In a CryptoQuant Quicktake post, an analyst has shared about how the latest trend in the stablecoin circulating supply has been looking. “Stablecoins” are cryptocurrencies that track the price of a fiat currency, with USD being by far the most popular choice. These tokens run on multiple networks, but in the context of the current topic, only the Ethereum-based ones are of interest.

在一個加密的QuickTake帖子中，一位分析師分析了Stablecoin循環供應的最新趨勢。 “ Stablecoins”是跟踪法定貨幣價格的加密貨幣，其價格是迄今為止最受歡迎的選擇。這些令牌在多個網絡上運行，但是在當前主題的背景下，只有基於以太坊的主題是一個有趣的。

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Stablecoins are, by nature, relatively ‘stable’ in value, so the investors generally buy into these coins whenever they want to avoid the volatility associated with assets like Bitcoin.

從本質上講，穩定幣的價值相對“穩定”，因此投資者通常只要避免與比特幣這樣的資產相關的波動率，因此投資者通常會購買這些硬幣。

Holders who invest into stables, though, usually plan to eventually go back into the volatile side of the sector. For if they didn’t, they would have exited into fiat instead. Once these traders feel the time is right, they use their stablecoins to swap into Bitcoin or whatever desired coin. This shift naturally applies a buying pressure to the price of the asset.

但是，投資馬s的持有人通常計劃最終回到該行業的動盪一側。因為如果他們沒有，他們將退出菲亞特。一旦這些交易者覺得時間正確，他們就會使用穩定幣交換為比特幣或任何所需的硬幣。這種轉變自然會對資產的價格施加購買壓力。

Due to the potential of the stablecoins to act as dry powder for the volatile cryptocurrencies, these assets are often looked at as the ‘available’ buy supply of the sector. As such, an increase in its value may be considered as a bullish sign.

由於穩定幣的潛力有揮發性加密貨幣充當乾粉，因此這些資產通常被視為該行業的“可用”購買供應。因此，其價值的增加可能被視為看漲標誌。

Now, here is the chart shared by the quant, which shows the trend in the supply of the ERC-20 stablecoins over the last year and a half:

現在，以下是量化的圖表，該圖表顯示了過去一年半的ERC-20穩定股的供應趨勢：

As displayed in the above graph, the stablecoin supply has been on the rise during the last few months, which suggests capital has been flowing into these fiat-tied tokens. This rise in the metric has come as Bitcoin has been going through a phase of bearish momentum.

如上圖所示，在過去的幾個月中，穩定的供應一直在上升，這表明資本一直流入這些菲亞特式令牌中。隨著比特幣一直在經歷看跌勢頭的階段，這一指標的上升已經出現。

In the chart, the analyst has also highlighted the trend that the indicator followed during BTC’s bearish period from last year. It would seem that the stablecoin supply was moving sideways back then.

在圖表中，分析師還強調了BTC去年從去年的看跌時期所遵循的指標遵循的趨勢。當時的穩定供應似乎正在側向移動。

This would imply that as BTC corrected in 2024, a net amount of capital flowed out of the sector as if the capital was rotating into the stablecoins instead, their supply would have registered an increase.

這意味著，正如BTC在2024年糾正的那樣，淨數量的資本流出了該行業，就好像資本正在旋轉到穩定的人中一樣，他們的供應將增加。

This time around, however, a rotation of capital has indeed been occurring, with these stablecoin buyers potentially waiting on the sidelines for a profitable entry point. Of course, this current setup isn’t the most bullish one, either; that would have been the case if both the Bitcoin market cap and the stablecoin supply rose simultaneously.

然而，這次確實發生了資本的輪換，這些穩定的買家可能會在場外等待有利可圖的入口點。當然，當前的設置也不是最看漲的設置。如果比特幣市值同時同時增加了比特幣市值和穩定供應量，那就是這種情況。

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Nonetheless, the fact that the stablecoins haven’t been shrinking during this market downturn could still be taken as an optimistic sign for Bitcoin.

儘管如此，在這個市場下滑中尚未縮小的穩定劑仍可以作為比特幣的樂觀跡像這一事實。