尽管Stablecoin供应激增，但雪崩（avax）代币的价格下跌了60％

在过去的一年中，雪崩的稳定供应激增，但该资本的部署到被动投资者的行为

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 on March 31.

根据3月31日雪崩的X帖子的数据，雪崩网络上的Stablecoin供应在过去一年中增长了70％以上。

Stablecoin market capitalization on Avalanche. (Credit: Avalanche)

雪崩的Stablecoin市值。 （信用：雪崩）

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, Avalanche’s (AVAX) token has seen limited demand this year, with its price dropping nearly 60% over the past year to trade above $19 as of 12:31 pm UTC, despite the $1 billion increase in stablecoin supply, according to Cointelegraph Markets Pro data.

但是，根据CoIntelegraph Markets Pro Data的数据，尽管StableCoin供应量增加了10亿美元，但今年的雪崩（Avax）代币今​​年的需求有限，过去一年中的价格下跌了近60％，以超过19美元的价格交易。

AVAX/USD,1-year chart. Source: Cointelegraph Markets Pro

Avax/USD，1年图表。资料来源：Cointelegraph Markets Pro

“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,” 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瓦斯（Avax）的大幅下降之间的矛盾可能源于该稳定的流动性如何。”

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：

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

Nansen analysts predict 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.

Nansen分析师预测，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，因此加密货币市场将在未来两个月内最终导致加密市场的机会达到70％。

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

Nansen Crypto Intelligence Platform的首席研究分析师Aurelie Barthere说：“曾经是缝线中最艰难的部分，我们会看到加密货币和风险资产最终标记底部的更干净的机会。”

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。

BTC/USD, 1-day chart. Source: Nansen

BTC/USD，1天图表。资料来源：南森

“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。”