比特幣的[BTC]價格動作與Stablecoin儲備密切相關

比特幣的[BTC]價格動作與Stablecoin儲備密切相關，最近仍然保持穩定

Bitcoin’s [BTC] price action is closely tied to stablecoin reserves, which have remained surprisingly steady lately, showing no big inflows that might indicate retail chasing risk.

比特幣的[BTC]價格行動與Stablecoin儲備密切相關，該儲量最近保持穩定，沒有顯示出可能表明零售追逐風險的大量流入。

As Ali Martinez pointed out, stablecoin reserves on Binance have been range-bound between $30 billion and $34 billion — a tight band that signals caution.

正如阿里·馬丁內斯（Ali Martinez）所指出的那樣，Binance上的Stablecoin儲備金範圍在300億至340億美元之間，這是一個謹慎的謹慎樂隊。

Why does this matter? Take Tether [USDT], the dominant stablecoin with a market capitalization north of $150 billion. Despite Bitcoin pushing past $100k, USDT hasn’t seen meaningful inflows.

為什麼這很重要？以Tether [USDT]（USDT）為主導的穩定股幣，市值以北1500億美元。儘管比特幣將超過$ 10萬美元推高，但USDT並未看到有意義的流入。

Flashback to the “Trump pump” in Q4 last year — USDT inflows hit a monster $6 billion spike. Fast-forward to now, and that figure’s shrunk to $1.9 billion.

去年第四季度的“特朗普泵”閃回-USDT流入的怪物飆升了60億美元。快進到現在，這個數字縮水至19億美元。

The takeaway? The market’s dry on fresh stablecoin ammo, leaving Bitcoin’s next move hinging on whether that capital floodgate reopens or stays sealed.

外賣？該市場在新鮮的Stablecoin彈藥上的干燥，使比特幣的下一步動作取決於該資本閘門是否重新開放或保持密封。

The case for stablecoin capital holding back on Bitcoin

Stablecoin Capital的案例阻礙了比特幣

Adding to the story, the Fear & Greed Index is flashing a subtle but telling divergence.

除了故事外，恐懼和貪婪指數正在閃爍微妙但說明分歧。

During the last two BTC parabolic runs beyond $100k, the index stalled just shy of “extreme greed”. It is the classic euphoric zone historically marking market tops.

在過去的兩個BTC拋物線範圍內，該指數卻落後於“極端貪婪”。這是歷史上經典的欣喜區。

This suggests that distribution phases kick in earlier than usual, capping upside as caution sets in before a full-blown blow-off rally.

這表明，分銷階段比平常早，在全面的吹式集會之前引起了謹慎的限制。

The current lack of stablecoin inflows may signal we’re seeing a repeat of this pattern.

當前缺乏穩定的流入可能意味著我們看到了這種模式的重複。

With stablecoin dry powder nowhere near past rally levels, retail hesitation is palpable. Smart money appears ready to take profits, potentially triggering a fresh cycle reset.

隨著穩定的干粉量遠遠不到過去的拉力級水平，零售猶豫不決。聰明的錢似乎準備好獲得利潤，有可能觸發新的周期重置。

In summary, the combination of stagnant stablecoin dry powder and Fear & Greed divergences is flashing a warning that a market top could be baked in.

總而言之，停滯的穩定粉乾粉與恐懼和貪婪的分歧的結合閃爍，警告說市場頂部可以烘烤。

Stablecoin movements here are more than just “sidelines” capital. Watching these indicators closely in the coming sessions is crucial.

在這裡，穩定的運動不僅僅是“場邊”資本。在即將到來的會議中密切觀看這些指標至關重要。