尽管比特币最近进行了价格校正，但Stablecoin供应趋势表明，牛周期还远远没有结束

加密市场一直在近几周来一直在努力获得势头，比特币和主要山寨币在这个周期中跌至新的低点。

The crypto market has been struggling to gain momentum in recent weeks, with Bitcoin and major altcoins falling to new lows this cycle. Price action has been far from encouraging, leaving many traders questioning whether the market has already reached its peak. However, a closer look at stablecoin data tells a different story that suggests the bull cycle is far from over.

加密市场一直在近几周来一直在努力获得势头，比特币和主要山寨币在这个周期中跌至新的低点。价格行动远非令人鼓舞，许多交易者质疑市场是否已经达到顶峰。但是，仔细研究Stablecoin数据讲述了一个不同的故事，这表明牛周期还远远没有结束。

Stablecoin Supply Trends And Market Cycles

稳定的供应趋势和市场周期

On-chain data shows an interesting correlation between the stablecoin market and the bull and bear cycles of Bitcoin and other cryptocurrencies. This pattern, identified by on-chain analytics platform IntoTheBlock, suggests that stablecoin supply has historically peaked alongside major market tops. The relationship implies that a surge in stablecoin supply often signals the final stages of a bull run, with declines in supply typically coinciding with the onset of bearish conditions.

链上的数据显示了稳定市场与比特币和其他加密货币的公牛和熊周期之间的有趣相关性。这种模式由链接分析平台Intotheblock确定，表明Stablecoin供应历史上一直在主要市场顶部达到顶峰。关系意味着，稳定供应的激增通常标志着公牛跑步的最后阶段，供应的下降通常与看跌条件的发作相吻合。

A look at previous market cycles reinforces this trend, particularly in the case of Bitcoin. In April 2022, the total stablecoin supply reached an all-time high of $187 billion. Soon after, supply began to decline, aligning perfectly with the start of the last bear market. This phase saw Bitcoin undergo a prolonged downturn, with prices steadily falling until they bottomed out in January 2023. The sharp decline in stablecoin supply throughout that period reflected a broader shift in investor sentiment as liquidity left the market.

看看以前的市场周期增强了这一趋势，尤其是在比特币的情况下。 2022年4月，Stablecoin供应总额达到了1870亿美元。不久之后，供应开始下降，与上一个熊市的开始完全保持一致。这一阶段看到比特币经历了延长的衰退，价格稳步下跌，直到2023年1月触底为止。在此期间，稳定股份供应的急剧下降反映了流动性离开市场时的投资者情绪的更大变化。

At the time of writing, the stablecoin supply has continued to climb despite Bitcoin’s 24% price correction from its recent all-time high. The stablecoin supply has risen to $219 billion and continues to climb. This suggests that the market is still in a mid-cycle phase rather than approaching its peak.

在撰写本文时，尽管比特币的价格较高，但稳定的供应量仍继续攀升。 Stablecoin供应已上涨至2190亿美元，并继续攀升。这表明市场仍处于中期阶段，而不是接近峰值。

Image From X: IntoTheBlock

X的图像：intotheblock

Stablecoins Closing In On Ethereum’s Market Cap

稳定的以太坊的市值关闭

Another notable observation regarding the stablecoin market is that despite the recent price stagnation in the broader crypto market, stablecoins still have significant liquidity. Notably, the total stablecoin supply is now just $10 billion away from Ethereum’s market capitalization.

关于Stablecoin市场的另一个值得注意的观察结果是，尽管最近更广泛的加密货币市场的价格停滞，但Stablecoins仍然有大量流动性。值得注意的是，距以太坊市值仅100亿美元的稳定供应。

This phenomenon aligns with the recent price decline, which has seen many investors exiting their positions in Bitcoin and other cryptocurrencies and then converting them to USDT and other stablecoins. However, the fact that these funds remain in the crypto industry and are not out is positive.

这种现象与最近的价格下跌一致，后者已经使许多投资者退出了他们在比特币和其他加密货币中的地位，然后将其转换为USDT和其他Stablecoins。但是，这些资金保留在加密货币行业而不出的事实是积极的。

Although a rising stablecoin supply reflects greater caution among investors, it also implies a substantial capital pool stands ready to be deployed as market conditions improve.

尽管不断上升的Stablecoin供应反映了投资者的更加谨慎，但这也意味着随着市场条件的改善，大量资本池准备就绪。

Image From X: IntoTheBlock

X的图像：intotheblock

At the time of writing, Bitcoin is trading at $84,325, having spent most of the past 24 hours trading between $83,688 and $84,504. On the other hand, the crypto market saw a modest increase of 0.3% in the past 24 hours. It is currently at $2.75 trillion, down by 25.8% from its $3.72 trillion peak in December 2024.

在写作时，比特币的交易价格为84,325美元，过去24小时的大部分交易在83,688美元至84,504美元之间。另一方面，在过去24小时内，加密货币市场的增长率为0.3％。目前，它的价格为2.75万亿美元，比2024年12月的3.72万亿美元峰值下降了25.8％。

If the cycle were nearing its end, history suggests that the stablecoin supply would have already started to decrease. Nevertheless, the ongoing upward trend indicates persistent market participation and the potential for further gains.

如果周期即将结束，历史表明，稳定的供应已经开始减少。然而，持续的上升趋势表明市场参与持续存在和进一步收益的潜力。