在市場波動的情況下，穩定幣激增提振了比特幣前景

儘管近期比特幣漲勢有所放緩，但三大主要穩定幣（USDT、USDC、DAI）的累計供應量已達到1,414.2 億美元，為2022 年5 月以來的最高水準。穩定幣供應量的激增顯示資本持續流入加密貨幣市場，且潛力巨大。下跌期間對比特幣的需求強勁。

Stablecoin Supply Surges, Buoying Bitcoin Outlook Amidst Market Volatility

穩定幣供應激增，在市場波動的情況下提振比特幣前景

The cumulative supply of the three leading stablecoins, USDT, USDC, and DAI, has reached an unprecedented $141.42 billion, its highest level since May 2022. This surge indicates a persistent influx of capital into the cryptocurrency market, bolstering confidence among bitcoin bulls.

USDT、USDC和DAI這三大穩定幣的累積供應量已達到前所未有的1414.2億美元，為2022年5月以來的最高水平。這一激增表明資金持續湧入加密貨幣市場，增強了比特幣多頭的信心。

Despite bitcoin's recent market setbacks, the steady growth in stablecoin supply suggests a reservoir of potential capital that could fuel further price increases. Stablecoins, pegged to the value of the US dollar, provide liquidity and stability in the cryptocurrency ecosystem, often serving as a gateway for investors seeking to enter the market.

儘管比特幣最近的市場受挫，但穩定幣供應的穩定成長表明存在潛在資本庫，可能會推動價格進一步上漲。與美元價值掛鉤的穩定幣為加密貨幣生態系統提供流動性和穩定性，通常成為尋求進入市場的投資者的門戶。

The expansion of stablecoin supply has coincided with bitcoin's significant rally in recent months, reaching record highs above $73,500 in March. While the cryptocurrency has since encountered resistance at $70,000, the uninterrupted growth in stablecoin supply signals underlying strength and potential for renewed upside momentum.

穩定幣供應的擴張恰逢比特幣近幾個月的大幅上漲，在 3 月達到了 73,500 美元以上的歷史高點。雖然加密貨幣此後遇到了 70,000 美元的阻力，但穩定幣供應的不間斷增長表明了潛在的​​實力和新的上行勢頭的潛力。

"As this [stablecoin supply] continues to trend up, this shows that capital continues to flow into crypto markets," observed Reflexivity Research in a recent newsletter. "Dip demand for bitcoin could be strong, and the broader uptrend may soon resume."

Reflexivity Research 在最近的通訊中指出：“隨著[穩定幣供應]持續上升，這表明資本繼續流入加密貨幣市場。” “對比特幣的需求下降可能會很強勁，而更廣泛的上升趨勢可能很快就會恢復。”

Stablecoins have become the preferred instrument for purchasing cryptocurrencies and trading derivatives in the spot market. Their ability to provide stable collateral for futures contracts, mitigating volatility risks, has made them increasingly attractive to traders.

穩定幣已成為在現貨市場購買加密貨幣和交易衍生性商品的首選工具。它們為期貨合約提供穩定抵押品、降低波動風險的能力，使它們對交易者越來越有吸引力。

Meanwhile, other market indicators, such as the Z-score of bitcoin's market value-to-realized value (MVRV) ratio, also support a bullish outlook. The MVRV Z-score measures the deviation of the market value from the realized value, which approximates the total cost basis of all bitcoin in existence. Historically, an MVRV Z-score below zero has marked market bottoms, while readings above seven have signaled potential market peaks.

同時，其他市場指標，例如比特幣市值與實現價值（MVRV）比率的Z分數，也支持看漲前景。 MVRV Z 分數衡量市場價值與實現價值的偏差，它近似於現有所有比特幣的總成本基礎。從歷史上看，MVRV Z 分數低於零標誌著市場觸底，而讀數高於 7 則預示著潛在的市場高峰。

As of press time, the Z-score stood at 2.87, well below the overbought threshold. This suggests that bitcoin is still undervalued and has ample room for further price appreciation.

截至發稿時，Z 得分為 2.87，遠低於超買閾值。這表明比特幣仍然被低估，並且有足夠的進一步升值空間。

The confluence of rising stablecoin supply and favorable market indicators provides a positive outlook for bitcoin and the broader cryptocurrency market. While short-term fluctuations may occur, the underlying strength and capital inflows suggest that the uptrend remains intact, supporting the optimism of bitcoin bulls.

穩定幣供應量的增加和有利的市場指標相結合，為比特幣和更廣泛的加密貨幣市場提供了積極的前景。雖然短期波動可能會發生，但潛在的實力和資本流入表明上升趨勢保持完好，支持了比特幣多頭的樂觀。