为什么比特币和大多数顶级数字货币在2025年未能获得任何基础

分析平台加密量已经确定了这种放缓的主要原因 - 均值降低了Binance，尤其是USDT和USDC的稳定余额。

The year 2025 has seen the cryptocurrency market struggling with severe liquidity problems, with Bitcoin and most top digital currencies failing to make any significant gains. Analytical platform CryptoQuant has set out to identify the main reason for such a slowdown.

2025年，加密货币市场在严重的流动性问题上挣扎，比特币和大多数顶级数字货币未能取得任何巨大收益。分析平台加密量已经着手确定这种放缓的主要原因。

According to the analysis, the main factor hindering the crypto market's recovery is the decreasing stablecoin balances on Binance, especially USDT and USDC. These stablecoins are used to purchase cryptocurrencies, and their depletion indicates a decline in demand for digital assets.

根据分析，阻碍加密货币市场的复苏的主要因素是二重奏的稳定量降低，尤其是USDT和USDC。这些稳定剂用于购买加密货币，它们的耗竭表明对数字资产的需求下降。

"Lower reserve ratio means decreased purchasing power that in turn means that the amount of fresh money coming into the market will be limited. This decrease occurred at the same time, as the Bitcoin price continues to stagnate near its resistance levels furthering the idea that a lack of liquidity limits price action. If these stablecoins are not streaming in, the rest of the market may find it difficult to sustain the kind of recovery they are now experiencing.”

“较低的储备比意味着降低的购买力又意味着进入市场的新鲜资金数量将受到限制。这种下降发生在同一时间，因为比特币价格继续停滞在其阻力水平附近，这进一步促进了缺乏流动性的价格限制价格行动的想法。如果这些Stablecoin并没有在市场上流离失所，那么这种情况就会持续到他们现在的恢复，他们的恢复能力很困难。

Over the past few months, Binance has been reducing its USDT and USDC reserves. Lower reserves of such stablecoins mean that there is less capital available in the direct purchase of cryptocurrencies, hence, lower overall market demand. Indeed, most investors and traders use the liquidity in the stablecoins to fund large transactions and to move prices. As reserves decline, the market becomes less active, which negatively affects Bitcoin and altcoins to achieve significant gains.

在过去的几个月中，Binance一直在减少其USDT和USDC储备。这种稳定的储备金较低意味着直接购买加密货币的资本较少，因此总体市场需求较低。实际上，大多数投资者和交易者都使用稳定币中的流动性来资助大型交易并提高价格。随着储备的下降，市场变得不那么活跃，这对比特币和山寨币产生了负面影响。

This is in line with the apprehensive mood of investors that was evident during the early part of 2025. Increased macroeconomic risk and political volatility have, however, made most multinational companies cautious about large investments.

这与2025年初明显的投资者心情相符。但是，宏观经济风险和政治波动的增加使大多数跨国公司对大型投资持谨慎态度。

Most of the traders refrain from making a large trade because most players are still in the wait-and-see mode due to lack of directional certainty and the emergence of liquidity. This is what has led to a range-bound market for crypto, with a shuttling of prices trapped in set patterns.

大多数交易员都不要进行大型交易，因为由于缺乏方向确定性和流动性的出现，大多数玩家仍处于等待状态。这就是导致加密货币的范围结合市场的原因，其价格被困在设定的模式中。

If the downtrend in stablecoin persists, monetary constrains may be worse, putting a cap on any potential recovery of the market. Therefore, Bitcoins and other leading cryptocurrencies may take more time to enter a new ranging market. However, more reserves may imply that the trend may be reversed tones, thus, may give a signal of the flow of capital in the market. Investors and analysts pay special attention to these reserves that signal shifts in investor demand or buying pressure.

如果Stablecoin的下降趋势持续存在，那么货币限制可能会更糟，这在任何潜在的市场恢复中都限制了。因此，比特币和其他领先的加密货币可能需要更多时间才能进入新的市场。但是，越来越多的储量可能意味着趋势可能会颠倒，因此可能会发出市场中资本流的信号。投资者和分析师特别关注这些储备，这些储量信号在投资者需求或购买压力上转移。

The analysis also indicates that liquidity in stablecoins is one of the most crucial factors affecting the market. This simply means that whether the market is going to remain stagnant or experience a breakout strongly depends on the liquidity. Stablecoins and chubby are now interesting to traders and investors as closely as the metric of their reserves. The next major movement in the crypto sector might be dictated by the developments in the coming weeks.

分析还表明，稳定蛋白的流动性是影响市场的最关键因素之一。这仅意味着，市场是否将保持停滞状态或经历突破，这在很大程度上取决于流动性。现在，Stablecoins和Chubby对贸易商和投资者的储备指标都非常有趣。加密部门的下一个重大运动可能是未来几周的发展决定的。