CryptoQuant 創辦人表示，穩定幣可能不足以推動比特幣牛市

穩定幣在比特幣牛市和熊市中發揮著至關重要的作用。它們是流動性流入比特幣的媒介，也為看跌時期的保值提供了緩衝。

Stablecoins play a crucial role during Bitcoin’s bull and bear markets. They serve as the medium through which liquidity flows into BTC and also provide a buffer for holding value during bearish times. However, some believe that stablecoin liquidity may be holding back Bitcoin.

穩定幣在比特幣牛市和熊市中發揮著至關重要的作用。它們是流動性流入比特幣的媒介，也為熊市時期的保值提供了緩衝。然而，有些人認為穩定幣的流動性可能會阻礙比特幣的發展。

According to CryptoQuant founder Ki Young Ju, in a recent analysis, stablecoins are not capable of driving bullish momentum. This statement assumes the most bullish scenario, accounting for both Bitcoin and stablecoin reserves.

CryptoQuant 創辦人 Ki Young Ju 表示，在最近的分析中，穩定幣無法推動看漲勢頭。該聲明假設了最樂觀的情況，考慮了比特幣和穩定幣儲備。

“Over the past two weeks, we’ve observed significant ETF inflows, led by BlackRock’s IBIT.

「過去兩週，我們觀察到以貝萊德 IBIT 為首的大量 ETF 資金流入。

If spot ETF inflows might slow down at some point, the BTC/USD buy-side pressure from brokerage firms like Coinbase Prime might weaken, potentially leading the market back into stagnation.…”

如果現貨 ETF 流入可能在某個時候放緩，來自 Coinbase Prime 等經紀公司的 BTC/美元買方壓力可能會減弱，從而可能導致市場重新陷入停滯…”

Ju’s analysis shows that Bitcoin reserves outpaced stablecoin reserves by more than 6-fold. This indicates that the current stablecoin reserves may not be sufficient to match peak Bitcoin demand.

Ju 的分析顯示，比特幣儲備是穩定幣儲備的 6 倍以上。這表明當前的穩定幣儲備可能不足以滿足比特幣需求高峰。

At the time of writing, Bitcoin had a market cap of $1.38 trillion, while the collective stablecoin market cap stood at $172.887 billion.

截至撰寫本文時，比特幣的市值為 1.38 兆美元，而穩定幣的總市值為 1,728.87 億美元。

It’s noteworthy that the latter has grown from as low as $123.74 billion in September 2024 – its lowest level in the last 3 years.

值得注意的是，後者已從 2024 年 9 月的 1,237.4 億美元增長至近 3 年來的最低水準。

The analysis also examined the role of ETFs in Bitcoin’s price action. It noted that a cooling down in Spot ETFs demand over the last 2 weeks was followed by weak demand.

該分析還研究了 ETF 在比特幣價格走勢中的作用。它指出，過去兩週現貨 ETF 需求降溫，隨後需求疲軟。

The analysis also considered the possibility that Bitcoin’s price action risked stagnation if Spot EFT demand slows down to extreme lows.

該分析也考慮瞭如果即期電子轉帳需求放緩至極低點，比特幣價格走勢可能面臨停滯的風險。

This observation aligns with the latest price action and ETF flows. For instance, Bitcoin ETFs recently experienced a slowdown in demand on the last day of October after experiencing a week of positive flows.

這項觀察結果與最新的價格走勢和 ETF 流量一致。例如，比特幣 ETF 在經歷了一周的積極流動之後，最近在 10 月的最後一天經歷了需求放緩。

The latest ETF data showed that Bitcoin ETFs concluded the week with net outflows. For example, ETFs recorded $54.9 million in outflows on Friday. Meanwhile, BTC has been struggling to recover back above $70,000 – confirming a slowdown in demand.

最新的 ETF 數據顯示，比特幣 ETF 本週以淨流出結束。例如，ETF 週五錄得 5,490 萬美元的資金流出。與此同時，比特幣一直在努力恢復到 7 萬美元以上，證實了需求放緩。

However, Bitcoin ETFs are still up by 62% from their approval date earlier this year. Here’s a look at how the ETF flows have performed so far –

然而，比特幣 ETF 仍比今年稍早批准之日上漲了 62%。以下是 ETF 資金流迄今為止的表現：

At the time of writing, Bitcoin ETFs held over $24.4 billion. This impressive growth is a sign of the growing demand from the institutional class.

截至撰寫本文時，比特幣 ETF 持有量超過 244 億美元。這種令人印象深刻的成長顯示機構階層的需求不斷增長。

The latest outflows are likely connected to the uncertainty around the election period. It will be interesting to see how things play out after the elections.

最新的資金外流可能與選舉期間的不確定性有關。看看選舉後事情如何發展將會很有趣。

Moreover, institutional investors are responding to the latest news on the resurgence of global liquidity, which bodes well for crypto holders. This is because lower interest rates have been paving the way for a risk-on sentiment.

此外，機構投資者正在對全球流動性復甦的最新消息做出反應，這對加密貨幣持有者來說是個好兆頭。這是因為較低的利率為冒險情緒鋪平了道路。