比特币下跌，稳定币飙升：未来购买力已显现

分析师指出，受到美联储的影响，比特币价格在创下历史新高后陷入停滞。稳定币市值持续上升，表明购买能力强劲。比特币的 MVRV Z 分数表明潜在的好转，表明市场尚未过度扩张。

Bitcoin Price Stumbles Amidst Federal Reserve Cautiousness, But Stablecoin Market Soars, Suggesting Future Buying Potential

比特币价格在美联储的谨慎态度中下跌，但稳定币市场飙升，表明未来的购买潜力

Following a meteoric rise to record highs in mid-March, Bitcoin's (BTC) upward trajectory has encountered a temporary pause, hovering above $70,000 with difficulty. Analysts attribute this slowdown to diminished expectations of a June Federal Reserve interest rate cut.

继3月中旬飙升至历史新高后，比特币(BTC)的上涨轨迹遇到了暂时的停顿，艰难地徘徊在70,000美元上方。分析师将这种放缓归因于美联储六月降息的预期减弱。

Stablecoin Market Cap Surges, Indicating Strong Buying Power

稳定币市值飙升，表明购买力强劲

While Bitcoin's price remains steadied, a different narrative unfolds within the stablecoin ecosystem. Stablecoins, cryptocurrencies pegged to the value of the US dollar, have emerged as a potential "war chest" for future token purchases. The total supply of the three leading stablecoins, Tether (USDT), USD Coin (USDC), and DAI (DAI), has witnessed consistent growth.

虽然比特币的价格保持稳定，但稳定币生态系统中却出现了不同的情况。稳定币是与美元价值挂钩的加密货币，已成为未来代币购买的潜在“战争基金”。 Tether（USDT）、USDC（USDC）、DAI（DAI）三大稳定币的总供应量持续增长。

Data from TradingView reveals a 2.1% surge in their combined market capitalization, reaching $141.42 billion, a high not seen since May 2022. This year alone, the cumulative supply has expanded by over $20 billion.

TradingView 的数据显示，它们的总市值猛增 2.1%，达到 1414.2 亿美元，这是自 2022 年 5 月以来的最高水平。仅今年一年，累计供应量就增加了超过 200 亿美元。

Reflexivity Research, a leading crypto analytics firm, interprets this significant rise in stablecoin supply as a positive indicator for the cryptocurrency market. "As this [stablecoin supply] continues to trend upwards, it indicates capital is still flowing into crypto," the firm asserted in a recent newsletter.

领先的加密分析公司 Reflexivity Research 将稳定币供应量的大幅增长解读为加密货币市场的积极指标。该公司在最近的一份时事通讯中声称：“随着[稳定币供应]继续呈上升趋势，这表明资本仍在流入加密货币领域。”

In essence, the ample supply of stablecoins signals a strong potential for buying power in the event of a Bitcoin price dip, potentially leading to a resumption of the broader upward trend. Stablecoins have become the preferred method for acquiring cryptocurrencies in spot markets and trading derivatives since late 2021.

从本质上讲，稳定币的充足供应表明，如果比特币价格下跌，稳定币的购买力潜力巨大，可能会导致更广泛的上涨趋势恢复。自 2021 年底以来，稳定币已成为在现货市场获取加密货币和交易衍生品的首选方式。

Bitcoin's Market Value-to-Realized Value (MVRV) Suggests Potential Upswing

比特币的市场价值与实现价值（MVRV）表明潜在的上涨

Beyond stablecoins, other indicators also point towards a potential upswing for Bitcoin. The Z-score of the coin's market value-to-realized value (MVRV) ratio suggests a bullish outlook.

除了稳定币之外，其他指标也表明比特币可能上涨。代币市值与实现价值（MVRV）比率的 Z 分数表明前景看涨。

The MVRV Z-score measures the deviation of market value from a perceived "fair value," calculated by the total cost basis of all Bitcoins in circulation. Historically, a score below zero has indicated market bottoms, while readings exceeding seven have signified market tops.

MVRV Z 分数衡量市场价值与感知“公允价值”的偏差，“公允价值”是根据所有流通比特币的总成本基础计算得出的。从历史上看，低于零的分数表明市场触底，而读数超过七则表明市场触顶。

According to Glassnode data, Bitcoin's MVRV Z-score currently stands at a comfortable 2.87, indicating that the asset is neither oversold nor approaching a major market peak.

根据 Glassnode 数据，比特币的 MVRV Z 得分目前处于舒适的 2.87，表明该资产既没有超卖，也没有接近主要市场峰值。

Considerations and Implications

注意事项和影响

While the rise in stablecoin supply indicates potential buying power, it is essential to note that this capital may not necessarily be directed toward Bitcoin. Additionally, the MVRV Z-score is a historical indicator, and past performance does not guarantee future results.

虽然稳定币供应量的增加表明了潜在的购买力，但必须注意的是，这种资本不一定会流向比特币。此外，MVRV Z 分数是历史指标，过去的表现并不能保证未来的结果。

Nonetheless, the surging stablecoin supply suggests that crypto investors are accumulating capital, potentially foreshadowing renewed buying power and continuing the broader crypto market's upward trend. This development implies that investors view the current Bitcoin slowdown as a buying opportunity, anticipating future price increases.

尽管如此，稳定币供应量的激增表明加密货币投资者正在积累资本，这可能预示着新的购买力并持续更广泛的加密货币市场的上升趋势。这一发展意味着投资者将当前的比特币放缓视为买入机会，并预计未来价格上涨。