經過數週的側向交易和急劇的糾正，一個顯著的趨勢正在悄悄地展開

價格行動已顯示出資本退出主要代幣，但是從流動趨勢中令人放心的收穫是，大部分資本並沒有完全離開生態系統。

After weeks of sideways trading and sharp corrections across Bitcoin and the altcoin market, a notable trend is quietly unfolding beneath the surface of the crypto market.

經過數週的橫向交易和跨比特幣市場的急劇校正，一個顯著的趨勢正在悄悄地展現在加密貨幣市場的表面之下。

Capital has been exiting major tokens, but the takeaway from flow trends is that much of this capital hasn’t fully left the ecosystem. Instead, it’s being parked in stablecoins, which is a development that may be more bullish than it seems.

Capital一直在退出主要令牌，但是流動趨勢的收穫是，這筆資本的大部分並沒有完全離開生態系統。取而代之的是，它被停放在Stablecoins中，這可能比看起來更看好。

Crypto traders are adopting a very cautious stance towards investing in cryptocurrencies due to the current uncertainty in the market. This cautious stance, although it has led to a slowdown in buying pressure, flow trends highlight a shift in strategy, not a total loss of bullish sentiment.

加密貨幣交易者由於目前的市場不確定性而採取了非常謹慎的立場來投資加密貨幣。這種謹慎的立場儘管導致購買壓力的放緩，但流動趨勢突出了戰略的變化，而不是看漲的情緒。

The lingering bullish sentiment is noted in the stablecoin market cap, which has continued growing higher despite the downturn. According to data from IntoTheBlock, the total stablecoin market recently crossed a milestone of $220 billion and is showing no signs of stopping. As noted by the on-chain analytics platform, this growing pool of liquidity could soon become the fuel for the next phase of upside movement if and when confidence returns.

Stablecoin市場上限指出了揮之不去的看漲情緒，儘管經濟低迷，該市場仍在增長。根據Intotheblock的數據，Stablecoin Market最近跨越了2200億美元的里程碑，並且沒有停止的跡象。正如鍊上分析平台所指出的那樣，如果置信度恢復，這種不斷增長的流動性很快就會成為下一階段上昇運動的燃料。

Image From X: IntoTheBlock

X的圖像：intotheblock

One beneficiary of the growing stablecoin niche is Ripple’s recently launched stablecoin, RLUSD. This new stablecoin has been growing at pace since its launch in December 2024. Its connection with the payments technology company adds a new player to the stablecoin race, joining heavyweights like USDT and USDC in attracting inflows.

不斷增長的Stablecoin利基市場的受益者是Ripple最近推出的Stablecoin Rlusd。自2024年12月推出以來，這種新的Stablecoin一直在逐步發展。與Payments Technology Company的聯繫為Stablecoin競賽增加了一名新球員，加入了USDT和USDC等重量級人物，以吸引流入。

At the time of writing, RLUSD has a circulating supply of $160 million and a growing number of Ethereum mainnet addresses holding it.

在撰寫本文時，RLUSD的循環供應量為1.6億美元，越來越多的以太坊主網持有它。

Image From X: IntoTheBlock

X的圖像：intotheblock

Stablecoin Market Cap Expansion: What It Means For Crypto’s Next Move

Stablecoin市值擴展：這對加密貨幣的下一步意味著什麼

The significance of the growing stablecoin market cap trend extends far beyond risk-averse behavior from crypto traders. As noted by IntoTheBlock on social media platform X, “While these tokens are widely used to sidestep volatility, it’s hard to ignore how all that liquidity could become the spark for the next market upswing once sentiment flips bullish.”

不斷增長的Stablecoin市值趨勢的重要性遠遠超出了加密交易者的規避風險行為。正如Intotheblock在社交媒體平台X上指出的那樣，“儘管這些代幣被廣泛用於避開波動，但很難忽略所有流動性如何成為一旦情緒傾向於看漲的下一個市場的火花。”

In many ways, this expansion is a buildup of liquidity that can be quickly deployed into cryptocurrencies. It means that investors are not abandoning crypto altogether. They are simply watching and waiting. Stablecoins are frequently used as an entry point back into risk-on assets, which means this capital is in a prime position to re-enter the market at a moment’s notice.

在許多方面，這種擴展是多種流動性的積累，可以快速部署到加密貨幣中。這意味著投資者並沒有完全放棄加密貨幣。他們只是在看和等待。穩定幣經常被用作返回風險資產的切入點，這意味著這筆資本在一刻的通知中處於重新進入市場的主要位置。

All investors need right now is a bullish event, and these funds can be easily converted to Bitcoin and other cryptocurrencies on crypto exchanges. On the other hand, a demerit of the stablecoin market’s growth is that it will continue to delay inflows into Bitcoin and other cryptocurrencies.

現在，所有投資者都需要的是看漲的活動，這些資金可以輕鬆地轉換為加密交易所中的比特幣和其他加密貨幣。另一方面，穩定市場的增長局勢是，它將繼續延遲投入比特幣和其他加密貨幣的流入。

Interestingly, data from CoinGecko puts the market cap of stablecoins currently at $236.7 billion. This figure takes into account not just fiat-backed stablecoins but also crypto-backed, commodity-backed, and algorithmic stablecoins.

有趣的是，Coingecko的數據使Stablecoins的市值達到了2367億美元。這個數字不僅考慮了菲亞特支持的穩定劑，而且還考慮了加密貨幣支持的，商品支持的和算法的穩定穩定性。