雪崩（avax）经历了著名的稳定供应激增，但被动的链使用可能限制了需求

根据雪崩的职位，过去一年的供应量增加了70％以上，从2024年3月的15亿美元增加到截至2025年3月31日的25亿美元。

Avalanche (AVAX) has experienced a significant surge in stablecoin supply over the past year, but passive on-chain use may be limiting demand for its utility token.

在过去的一年中，雪崩（Avax）的稳定剂供应激增，但被动的链使用可能限制了对其公用事业令牌的需求。

As per the post from the Avalanche, the stablecoin supply has increased by over 70% in the past year, rising from $1.5 billion in March 2024 to more than $2.5 billion as of March 31, 2025.

根据雪崩的职位，过去一年中的稳定供应量增长了70％以上，从2024年3月的15亿美元增加到截至2025年3月31日的25亿美元以上。

Stablecoins are essential in the crypto space as they serve as a link between traditional (fiat) and digital currencies, which can indicate heightened buying activity and investor trust.

在加密货币空间中，稳定币是传统（菲亚特）和数字货币之间的联系，这可以表明购买活动和投资者信任的提高。

However, senior research analyst at IntoTheBlock, Juan Pellicer, further notes that the issue is how the stablecoin liquidity is being utilized. A large portion of the increment comes from bridged Tether (USDT), but rather than being actively employed in DeFi for lending or trading, a significant amount remains dormant in treasury holdings.

然而，胡安·佩里克（Juan Pellicer）的intotheblock的高级研究分析师进一步指出，问题是如何利用Stablecoin流动性。大部分增量来自桥接的系绳（USDT），但没有在Defi中积极用来贷款或交易，而是在财政部持有中仍处于休眠状态。

Despite a $1 billion increase in stablecoin supply, Avalanche’s AVAX token has decreased by nearly 60% over the past year. The price has recovered to reach highs of around $55.70, and it is currently trading above $19.

尽管Stablecoin供应量增加了10亿美元，但在过去的一年中，雪崩的avax代币却下降了近60％。价格已经恢复到55.70美元左右，目前的交易高于19美元。

AVAX’s price decline follows the broader crypto market downturn, which is being driven by investor uncertainty. A key factor is former U.S. President Donald Trump’s upcoming April 2 announcement on new import tariffs aimed at reducing the $1.2 trillion trade deficit. These tariffs have unsettled markets, impacting riskier assets like cryptocurrencies.

Avax的价格下跌是在更广泛的加密市场下滑之后，这是由投资者不确定性驱动的。一个关键因素是美国前总统唐纳德·特朗普（Donald Trump）即将于4月2日发布的有关新进口关税的宣布，旨在减少1.2万亿美元的贸易赤字。这些关税具有不稳定的市场，影响了诸如加密货币之类的风险资产。

Nansen analysts place the odds at 70% that the crypto market will hit bottom in the next two months as tariff negotiations continue and investor anxiety subsides.

Nansen分析师将加密货币市场将在接下来的两个月中达到最低点，随着关税谈判的继续和投资者焦虑的消退，赔率将达到70％。

Both the traditional and crypto markets are still weak in anticipation of the U.S. tariff announcement.

在预期美国关税公告时，传统和加密市场仍然很薄弱。

In a report released on April 1, Nansen observed that BTC and key U.S. stock indexes have been unable to break through their 200-day moving averages, while shorter-term moving averages are still decreasing.

在4月1日发布的一份报告中，Nansen观察到BTC和美国主要股票指数无法突破其200天的移动平均值，而短期移动平均水平仍在下降。