比特幣創歷史新高後暫停，穩定幣飆升

雖然比特幣 (BTC) 成長放緩，但穩定幣 Tether (USDT)、美元代幣 (USDC) 和 Dai (DAI) 繼續擴張，其總供應量達到 1,414.2 億美元。儘管 BTC 最近下跌，但 MVRV Z 得分等指標表明有進一步上漲的潛力。值得注意的是，Tether 仍然看好 BTC，不斷增持比特幣並奉行比特幣累積策略。

Stablecoins Outpace Bitcoin Amid Market Slowdown

在市場放緩之際，穩定幣超過比特幣

Recent data reveals a notable trend in the cryptocurrency market, with stablecoins such as Tether (USDT), USD Coin (USDC), and Dai (DAI) experiencing significant growth while Bitcoin (BTC) exhibits a slowdown.

最近的數據揭示了加密貨幣市場的一個顯著趨勢，Tether (USDT)、USD Coin (USDC) 和 Dai (DAI) 等穩定幣經歷了顯著增長，而比特幣 (BTC) 則表現出放緩。

Bitcoin's Pause After All-Time High

比特幣在創下歷史新高後暫停

Bitcoin's impressive rally of 2024, which propelled it to an all-time high of over $73,000 on March 13, has seemingly stalled. Since then, BTC's price has fluctuated within a range of $61,000-71,000, failing to breach its previous peak. As of writing, BTC hovers around $66,400.

比特幣在 2024 年令人印象深刻的反彈似乎已陷入停滯，並於 3 月 13 日將其推升至超過 73,000 美元的歷史新高。此後，BTC的價格一直在61,000-71,000美元的範圍內波動，未能突破先前的峰值。截至撰寫本文時，BTC 徘徊在 66,400 美元左右。

Stablecoins' Ascendance

穩定幣的崛起

In contrast to Bitcoin's pause, the combined supply of the three prominent stablecoins, USDT, USDC, and DAI, has surged to $141.42 billion, marking the highest level since May 2022. These stablecoins, collectively accounting for over 90% of the stablecoin market, have witnessed a 2.1% increase in their supply. Notably, their cumulative supply has expanded by more than $20 billion in 2024 alone.

與比特幣的暫停相反，USDT、USDC和DAI這三種主要穩定幣的總供應量已飆升至1,414.2億美元，創下2022年5月以來的最高水準。這些穩定幣合計佔穩定幣市場的90%以上，供應量增加了 2.1%。值得注意的是，光是 2024 年，它們的累積供應量就增加了超過 200 億美元。

Bitcoin's Potential Growth, as Indicated by MVRV Z-Score

MVRV Z 分數顯示比特幣的潛在成長

Despite the slowdown in its price, other indicators suggest that Bitcoin may still have room for growth. The MVRV Z-Score of Bitcoin provides insights into whether the cryptocurrency is over- or undervalued relative to its fair value. It approximates the price paid for all existing coins by summing the market value of the coins when they last moved on the blockchain and serves as a proxy for fair value.

儘管價格放緩，但其他指標表明比特幣可能仍有成長空間。比特幣的 MVRV Z 分數提供了加密貨幣相對於其公允價值是否被高估或低估的見解。它透過總結代幣最後一次在區塊鏈上移動時的市場價值來估算所有現有代幣支付的價格，並作為公允價值的代理。

Market bottoms have historically been characterized by MVRV Z-Scores below zero, while readings above seven have indicated market tops. The current Bitcoin MVRV Z-Score, as per Glassnode, stands at 2.87, indicating that Bitcoin is not currently overbought or nearing a major market peak.

從歷史上看，市場底部的特徵是 MVRV Z 分數低於零，而讀數高於 7 則表示市場頂部。根據 Glassnode，目前的比特幣 MVRV Z 得分為 2.87，表明比特幣目前並未超買或接近主要市場高峰。

Tether's Bitcoin Accumulation Strategy

Tether 的比特幣累積策略

Amidst the growing market share of dollar-pegged stablecoins and Bitcoin's slowdown, some remain bullish on the leading cryptocurrency. Tether, the issuer of the world's largest stablecoin, USDT, continues to implement its Bitcoin accumulation strategy, which commenced in May 2023.

在與美元掛鉤的穩定幣的市場份額不斷增長和比特幣增長放緩的情況下，有些人仍然看好這種領先的加密貨幣。全球最大穩定幣 USDT 的發行人 Tether 繼續實施自 2023 年 5 月開始的比特幣累積策略。

On March 31, 2024, Tether added 8,888.888 BTC to its wallet, bringing its total Bitcoin holdings to 75,354 BTC. Tether's strategy involves allocating a portion of its profits (estimated at 15%) to purchase Bitcoins.

2024 年 3 月 31 日，Tether 向其錢包添加了 8,888.888 BTC，使其持有的比特幣總數達到 75,354 BTC。 Tether 的策略包括分配部分利潤（估計為 15%）來購買比特幣。

In conclusion, the cryptocurrency market is currently witnessing a dynamic shift, with stablecoins such as USDT, USDC, and DAI outpacing Bitcoin in terms of growth. However, Bitcoin's MVRV Z-Score suggests that the leading cryptocurrency may still have potential for upward movement. Tether's continued accumulation of Bitcoin indicates a belief in its long-term value despite the prevailing market conditions.

總而言之，加密貨幣市場目前正在經歷動態轉變，USDT、USDC 和 DAI 等穩定幣的成長速度超過了比特幣。然而，比特幣的 MVRV Z 分數表明，領先的加密貨幣可能仍有上漲潛力。儘管當前市場狀況不佳，但 Tether 對比特幣的持續累積表明了對其長期價值的信心。