在过去的一年中

在过去的一年中，雪崩网络上的Stablecoin供应量从2024年3月的15亿美元增长到截至2025年3月31日的25亿美元以上，增长了70％以上

Avalanche saw a significant surge in stablecoin supply over the past year, but the onchain deployment of this capital points to passive investor behavior, which may be limiting demand for the network’s utility token.

在过去的一年中，雪崩的稳定供应激增，但该资本点将其转向被动投资者的行为，这可能限制了对网络公用事业令牌的需求。

The stablecoin supply on the Avalanche network rose by over 70% over the past year, according to Avalanche’s X post.

根据Avalanche的X Post，在过去一年中，雪崩网络上的Stablecoin供应增长了70％以上。

This is a huge influx of capital that could potentially increase demand for the network’s native token, AVAX. However, AVAXUSD has been largely in a downtrend, dropping nearly 60% over the past year.

这是大量资本涌入，可能会增加对网络本地令牌Avax的需求。但是，Avaxusd在很大程度上处于下降趋势，过去一年下降了近60％。

Stablecoins are the main bridge between the fiat and crypto world and increasing stablecoin supply is often seen as a signal for incoming buying pressure and growing investor appetite.

稳定币是菲亚特和加密货币世界之间的主要桥梁，而增加的稳定供应量通常被视为收购压力和不断增长的投资者需求的信号。

However, onchain data from IntoTheBlock suggests that this capital is not being deployed to generate network activity, which may be limiting the need for the AVAX token.

但是，来自Intotheblock的OnChain数据表明，该资本并未部署以生成网络活动，这可能限制了对Avax令牌的需求。

“The apparent contradiction between surging stablecoin value on Avalanche and AVAX's significant price decline likely stems from how that stablecoin liquidity is being held and used,” said Juan Pellicer, senior research analyst at IntoTheBlock crypto intelligence platform.

Intotheblock Crypto Intelligence Platform的高级研究分析师Juan Pellicer说：“在雪崩中飙升的稳定价值与大幅下跌之间的矛盾可能源于该稳定的流动性如何保持和使用。”

A “substantial portion” of these inflows consists of bridged Tether (USDT), the research analyst told Cointelegraph, adding:

研究分析师告诉Cointelegraph，这些流入中的“很大一部分”由桥接的系带（USDT）组成，并补充说：

This capital is largely passive and serves as a store of value rather than being deployed to generate network activity, which could increase demand for the AVAX token.

该资本在很大程度上是被动的，并且是一种价值存储，而不是部署以产生网络活动，这可能会增加对avax代币的需求。

The lack of onchain activity in turn limits the need for gas fees, which are paid in the network’s native token.

不足的一链活动反过来限制了对网络本地令牌支付的汽油费的需求。

The AVAX token’s downtrend comes during a wider crypto market correction, as investor sentiment is pressured by global uncertainty ahead of US President Donald Trump’s reciprocal import tariff announcement on April 2, a measure aimed at reducing the country’s estimated trade deficit of $1.2 trillion.

Avax代币的下降趋势是在更广泛的加密市场更正期间发生的，因为投资者的情绪受到美国总统唐纳德·特朗普（Donald Trump）在4月2日的互惠进口关税公告之前的全球不确定性的压力，旨在减少该国估计的贸易赤字1.2亿美元。

70% chance for crypto market to bottom by June: Nansen analysts

加密货币市场的70％的机会到6月：Nansen分析师

According to Nansen analysts, there’s a 70% chance that the crypto market will bottom in the next two months leading into June as the ongoing tariff-related negotiations progress and investor concerns are alleviated.

根据Nansen分析师的说法，由于正在进行的与关税有关的谈判的进展和投资者的担忧得到缓解，因此加密货币市场的可能性有70％。

“Once the toughest part of the negotiation is behind us, we see a cleaner opportunity for crypto and risk assets to finally mark a bottom,” Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform, told Cointelegraph.

Nansen Crypto Intelligence Platform的首席研究分析师Aurelie Barthere告诉Cointelegraph：“一旦谈判中最艰难的部分就在我们身后，我们看到了一个更清洁的机会，并有风险资产最终标志着底部。”

Both traditional and cryptocurrency markets continue to lack upside momentum ahead of the US tariff announcement.

在美国关税宣布之前，传统和加密货币市场都继续缺乏上升势头。

“For the main US equity indexes and for BTC, the respective price charts failed to resurface above their 200-day moving averages significantly, while lower-lookback price moving averages are falling,” wrote Nansen in an April 1 research report.

Nansen在4月1日的研究报告中写道：“对于美国主要的股权指数和BTC，相应的价格表未能大幅超过其200天的移动平均值，而低外观的价格移动平均值则下降。”