在市场波动的情况下，稳定币激增提振了比特币前景

尽管近期比特币涨势有所放缓，但三大主要稳定币（USDT、USDC、DAI）的累计供应量已达到 1414.2 亿美元，为 2022 年 5 月以来的最高水平。稳定币供应量的激增表明资本持续流入加密货币市场，并且潜力巨大。下跌期间对比特币的需求强劲。

Stablecoin Supply Surges, Buoying Bitcoin Outlook Amidst Market Volatility

稳定币供应激增，在市场波动的情况下提振比特币前景

The cumulative supply of the three leading stablecoins, USDT, USDC, and DAI, has reached an unprecedented $141.42 billion, its highest level since May 2022. This surge indicates a persistent influx of capital into the cryptocurrency market, bolstering confidence among bitcoin bulls.

USDT、USDC和DAI这三大稳定币的累计供应量已达到前所未有的1414.2亿美元，为2022年5月以来的最高水平。这一激增表明资金持续涌入加密货币市场，增强了比特币多头的信心。

Despite bitcoin's recent market setbacks, the steady growth in stablecoin supply suggests a reservoir of potential capital that could fuel further price increases. Stablecoins, pegged to the value of the US dollar, provide liquidity and stability in the cryptocurrency ecosystem, often serving as a gateway for investors seeking to enter the market.

尽管比特币最近的市场受挫，但稳定币供应的稳定增长表明存在潜在资本库，可能会推动价格进一步上涨。与美元价值挂钩的稳定币为加密货币生态系统提供流动性和稳定性，通常成为寻求进入市场的投资者的门户。

The expansion of stablecoin supply has coincided with bitcoin's significant rally in recent months, reaching record highs above $73,500 in March. While the cryptocurrency has since encountered resistance at $70,000, the uninterrupted growth in stablecoin supply signals underlying strength and potential for renewed upside momentum.

稳定币供应的扩张恰逢比特币近几个月的大幅上涨，在 3 月份达到了 73,500 美元以上的历史高位。虽然加密货币此后遇到了 70,000 美元的阻力，但稳定币供应的不间断增长表明了潜在的实力和新的上行势头的潜力。

"As this [stablecoin supply] continues to trend up, this shows that capital continues to flow into crypto markets," observed Reflexivity Research in a recent newsletter. "Dip demand for bitcoin could be strong, and the broader uptrend may soon resume."

Reflexivity Research 在最近的一份时事通讯中指出：“随着[稳定币供应]持续上升，这表明资本继续流入加密货币市场。” “对比特币的需求下降可能会很强劲，而更广泛的上升趋势可能很快就会恢复。”

Stablecoins have become the preferred instrument for purchasing cryptocurrencies and trading derivatives in the spot market. Their ability to provide stable collateral for futures contracts, mitigating volatility risks, has made them increasingly attractive to traders.

稳定币已成为在现货市场购买加密货币和交易衍生品的首选工具。它们为期货合约提供稳定抵押品、降低波动风险的能力，使它们对交易者越来越有吸引力。

Meanwhile, other market indicators, such as the Z-score of bitcoin's market value-to-realized value (MVRV) ratio, also support a bullish outlook. The MVRV Z-score measures the deviation of the market value from the realized value, which approximates the total cost basis of all bitcoin in existence. Historically, an MVRV Z-score below zero has marked market bottoms, while readings above seven have signaled potential market peaks.

与此同时，其他市场指标，例如比特币市值与实现价值（MVRV）比率的Z分数，也支持看涨前景。 MVRV Z 分数衡量市场价值与实现价值的偏差，它近似于现有所有比特币的总成本基础。从历史上看，MVRV Z 分数低于零标志着市场触底，而读数高于 7 则预示着潜在的市场峰值。

As of press time, the Z-score stood at 2.87, well below the overbought threshold. This suggests that bitcoin is still undervalued and has ample room for further price appreciation.

截至发稿时，Z 得分为 2.87，远低于超买阈值。这表明比特币仍然被低估，并且有足够的进一步升值空间。

The confluence of rising stablecoin supply and favorable market indicators provides a positive outlook for bitcoin and the broader cryptocurrency market. While short-term fluctuations may occur, the underlying strength and capital inflows suggest that the uptrend remains intact, supporting the optimism of bitcoin bulls.

稳定币供应量的增加和有利的市场指标相结合，为比特币和更广泛的加密货币市场提供了积极的前景。虽然短期波动可能会发生，但潜在的实力和资本流入表明上升趋势保持完好，支持了比特币多头的乐观情绪。