经过数周的侧向交易和急剧的纠正，一个显着的趋势正在悄悄地展开

价格行动已显示出资本退出主要代币，但是从流动趋势中令人放心的收获是，大部分资本并没有完全离开生态系统。

After weeks of sideways trading and sharp corrections across Bitcoin and the altcoin market, a notable trend is quietly unfolding beneath the surface of the crypto market.

经过数周的横向交易和跨比特币市场的急剧校正，一个显着的趋势正在悄悄地展现在加密货币市场的表面之下。

Capital has been exiting major tokens, but the takeaway from flow trends is that much of this capital hasn’t fully left the ecosystem. Instead, it’s being parked in stablecoins, which is a development that may be more bullish than it seems.

Capital一直在退出主要令牌，但是流动趋势的收获是，这笔资本的大部分并没有完全离开生态系统。取而代之的是，它被停放在Stablecoins中，这可能比看起来更看好。

Crypto traders are adopting a very cautious stance towards investing in cryptocurrencies due to the current uncertainty in the market. This cautious stance, although it has led to a slowdown in buying pressure, flow trends highlight a shift in strategy, not a total loss of bullish sentiment.

加密货币交易者由于目前的市场不确定性而采取了非常谨慎的立场来投资加密货币。这种谨慎的立场尽管导致购买压力的放缓，但流动趋势突出了战略的变化，而不是看涨的情绪。

The lingering bullish sentiment is noted in the stablecoin market cap, which has continued growing higher despite the downturn. According to data from IntoTheBlock, the total stablecoin market recently crossed a milestone of $220 billion and is showing no signs of stopping. As noted by the on-chain analytics platform, this growing pool of liquidity could soon become the fuel for the next phase of upside movement if and when confidence returns.

Stablecoin市场上限指出了挥之不去的看涨情绪，尽管经济低迷，该市场仍在增长。根据Intotheblock的数据，Stablecoin Market最近跨越了2200亿美元的里程碑，并且没有停止的迹象。正如链上分析平台所指出的那样，如果置信度恢复，这种不断增长的流动性很快就会成为下一阶段上升运动的燃料。

Image From X: IntoTheBlock

X的图像：intotheblock

One beneficiary of the growing stablecoin niche is Ripple’s recently launched stablecoin, RLUSD. This new stablecoin has been growing at pace since its launch in December 2024. Its connection with the payments technology company adds a new player to the stablecoin race, joining heavyweights like USDT and USDC in attracting inflows.

不断增长的Stablecoin利基市场的受益者是Ripple最近推出的Stablecoin Rlusd。自2024年12月推出以来，这种新的Stablecoin一直在逐步发展。与Payments Technology Company的联系为Stablecoin竞赛增加了一名新球员，加入了USDT和USDC等重量级人物，以吸引流入。

At the time of writing, RLUSD has a circulating supply of $160 million and a growing number of Ethereum mainnet addresses holding it.

在撰写本文时，RLUSD的循环供应量为1.6亿美元，越来越多的以太坊主网持有它。

Image From X: IntoTheBlock

X的图像：intotheblock

Stablecoin Market Cap Expansion: What It Means For Crypto’s Next Move

Stablecoin市值扩展：这对加密货币的下一步意味着什么

The significance of the growing stablecoin market cap trend extends far beyond risk-averse behavior from crypto traders. As noted by IntoTheBlock on social media platform X, “While these tokens are widely used to sidestep volatility, it’s hard to ignore how all that liquidity could become the spark for the next market upswing once sentiment flips bullish.”

不断增长的Stablecoin市值趋势的重要性远远超出了加密交易者的规避风险行为。正如Intotheblock在社交媒体平台X上指出的那样，“尽管这些代币被广泛用于避开波动，但很难忽略所有流动性如何成为一旦情绪倾向于看涨的下一个市场的火花。”

In many ways, this expansion is a buildup of liquidity that can be quickly deployed into cryptocurrencies. It means that investors are not abandoning crypto altogether. They are simply watching and waiting. Stablecoins are frequently used as an entry point back into risk-on assets, which means this capital is in a prime position to re-enter the market at a moment’s notice.

在许多方面，这种扩展是多种流动性的积累，可以快速部署到加密货币中。这意味着投资者并没有完全放弃加密货币。他们只是在看和等待。稳定币经常被用作返回风险资产的切入点，这意味着这笔资本在一刻的通知中处于重新进入市场的主要位置。

All investors need right now is a bullish event, and these funds can be easily converted to Bitcoin and other cryptocurrencies on crypto exchanges. On the other hand, a demerit of the stablecoin market’s growth is that it will continue to delay inflows into Bitcoin and other cryptocurrencies.

现在，所有投资者都需要的是看涨的活动，这些资金可以轻松地转换为加密交易所中的比特币和其他加密货币。另一方面，稳定市场的增长局势是，它将继续延迟投入比特币和其他加密货币的流入。

Interestingly, data from CoinGecko puts the market cap of stablecoins currently at $236.7 billion. This figure takes into account not just fiat-backed stablecoins but also crypto-backed, commodity-backed, and algorithmic stablecoins.

有趣的是，Coingecko的数据使Stablecoins的市值达到了2367亿美元。这个数字不仅考虑了菲亚特支持的稳定剂，而且还考虑了加密货币支持的，商品支持的和算法的稳定稳定性。