Stablecoins表示加密貨幣市場的情感和流動性

加密市場的情感和流動性由Stablecoins發出信號。它們表明市場是看漲還是看跌。

Crypto market sentiment and liquidity are often signaled by the flow of stablecoins, indicating whether the market is becoming bullish or bearish.

加密市場的情緒和流動性通常由穩定幣的流動表明，表明市場是看漲還是看跌。

Following a period of healthy inflow of stablecoins into exchanges for the first quarter of 2023, a pair of on-chain reports from crypto data intelligence platform Glassnode revealed that exchange balances of stablecoins dropped in April 2023. This signals that either investors are becoming less interested in crypto, or they are repositioning within the crypto market.

在2023年第一季度將穩定劑的健康流入到交換中後，來自加密數據智能平台玻璃節玻璃節的一對鏈上的報告顯示，穩定的穩定量的交換平衡於2023年4月下降。這表明投資者對加密貨幣的感興趣，或者他們在Crypto市場中變得越來越感興趣。

In March, stablecoin inflows onto exchanges often matched or outpaced outflows. This consistent movement kept overall exchange balances relatively stable in the range of $66 billion to $67 billion. Such stability suggested that traders and institutions were preparing for more active market participation, positioning themselves for potential opportunities in both spot and derivatives markets. At that time, the high stablecoin balances signaled relative confidence in near-term market conditions, with enough liquidity held on exchanges to react quickly to price swings.

3月，穩定的股幣流向交流通常相匹配或超過流出。這種一致的運動使總體交換的餘額相對穩定在660億美元至670億美元之間。這種穩定性表明，貿易商和機構正在為更積極的市場參與做準備，並將自己定位為在現貨和衍生品市場中的潛在機會。當時，高穩定的平衡表明對近期市場條件的相對信心，在交流上進行了足夠的流動性，以迅速對價格波動做出反應。

March saw stablecoins flow in. April saw them drain out.

三月看到Stablecoins流入。四月看到他們排出了。

In March, exchange inflows often matched or exceeded outflows, keeping balances stable between ~$66B–67B.

3月，交換流入通常匹配或超過流出，使餘額保持穩定在約66b – 67b之間。

But in April? A clear reversal. Outflows dominated nearly every day, pulling total exchange balances down to… pic.twitter.com/VR3qrOe0iE

但是在四月？清晰的逆轉。流出幾乎每天占主導地位，將全部交換餘額降低到…pic.twitter.com/vr3qroe0ie

— Nansen (@nansen_ai) May 2, 2024

-Nansen（@nansen_ai）2024年5月2日

April’s Outflow Surge and the Cooling of Risk Appetite

四月的流出湧動和風險胃口的冷卻

However, April had a clear and significant change in behavior. Nearly every day of the month saw outflows of stablecoins from exchanges outpace inflows. By the end of April, total exchange balances had dropped to around $61.5 billion—shedding more than $5 billion in exchange-held liquidity in just a few weeks.

但是，四月的行為發生了明顯而重大的變化。一個月的幾乎每一天都看到了交換中的穩定幣流出流入。到4月底，總交易餘額已降至615億美元左右，僅在短短幾週內就獲得了超過50億美元的流動性。

This continuous outflow suggests that contributors could be decreasing their positions in risky investments and perhaps locking their funds into more secure, off-exchange setups like cold wallets or staking platforms. This is exactly the type of behavior you would expect to see when the mood is starting to turn and risk appetite is fading.

這種連續的流出表明，貢獻者可能會降低他們在風險投資中的地位，並可能將其資金鎖定在更安全的，不交流的設置中，例如冷錢包或堆放平台。這正是您期望的行為類型，當心情開始轉彎時，風險食慾正在逐漸消失。

At face value, this decline could indicate a temporary slowdown in active trading activity. But the reality may be more nuanced. Some investors could simply be shifting capital to decentralized platforms, diversifying their exposure, or engaging in more complex derivatives strategies to hedge against potential volatility.

從表面上看，這種下降可能表明積極交易活動的暫時放緩。但是現實可能更加細微。一些投資者可以簡單地將資本轉移到分散平台，多元化的曝光率，或者參與更複雜的衍生品策略以對沖潛在的波動性。

Regardless of the specific motive, this trend marks a stark reversal from March’s relatively neutral or even slightly bullish posture.

無論特定動機如何，這種趨勢都標誌著3月相對中立甚至略微看漲的姿勢的巨大逆轉。

Transaction Volume Tells a Different Story

交易量講述了一個不同的故事

What is interesting is that, while the exchange balances have gone down in April, the stablecoin has shot up in terms of not only unprecedented activity but also the unprecedented transaction volume. The activity and volume have reached new record highs.

有趣的是，儘管交易所餘額在四月份下降，但Stablecoin不僅在前所未有的活動中，而且是前所未有的交易量。活動和音量已達到新的記錄高點。

This sharp increase in volume may well complicate the narrative. Ordinarily, falling exchange balances might correlate with a broader drop-off in market engagement. But the recent volume spike, in a very real sense, is nosebleed territory. And it signals that an asset class some might have hoped was largely inert is instead being used in ways that are markedly more diversified and decentralized than ever.

劇集的急劇增加很可能使敘述變得複雜。通常，交換餘額可能與更廣泛的市場參與度相關。但是，從非常真實的意義上講，最近的捲峰是流鼻血的領域。它的標誌表明，某些人可能希望在很大程度上是惰性的資產類別，而是以比以往任何時候都更加多樣化和分散的方式使用。

Stablecoin transaction volumes hit $1.82 trillion last month, a record high.

上個月，Stablecoin交易量達到1.82萬億美元，創紀錄的高度。

And organic, non-speculative uses appear to be growing, even as crypto trading volume fluctuates.

有機，非探測用途似乎正在增長，即使加密交易量波動。

Still, it’s easy to underestimate the promise of stablecoins. So we’ve rounded up a quickstart guide… pic.twitter.com/SSnczOU3P3

儘管如此，很容易低估穩定幣的承諾。因此，我們已經完成了一個快速啟動指南…pic.twitter.com/ssnczou3p3

— a16z crypto (@a16zcrypto) April 30, 2024

- A16Z加密貨幣（@a16zcrypto）2024年4月30日

This sort of spikes spells it out pretty clearly: asset-backed stablecoins, for better or worse, are now a major part of the crypto landscape.

這種尖峰表明了這一點很清楚：無論好壞，資產支持的穩定幣現在已成為加密景觀的主要部分。

The increasing volumes of stablecoins also shows how much they are becoming essential for cross-border payments, on-chain settlements, yield farming, and real-world asset transactions. It suggests that, even as traders may be becoming less interested in crypto and institutions are pulling back from their positions, something else is filling the gap—something that may be driving cross-border payments and making use of the vast on-chain capacities of stablecoins. And that’s not just a DeFi thing; stablecoins are also making inroads to payment systems and something like traditional finance.

不斷增加的穩定蛋白還表明，它們對於跨境支付，鍊子定居點，產量耕作和現實世界中的資產交易所至關重要。這表明，即使交易者可能對加密貨幣的興趣越來越不感興趣，並且機構正在從其職位上退縮，其他事情也填補了差距，這可能會推動跨境支付，並利用巨大的鏈接穩定能力。這不僅僅是一件違規的事情； Stablecoins還在付款系統和傳統財務之類的東西。

Stablecoins have organic, non-speculative, real-world use. Businesses, DAOs, and even some governmental institutions use stablecoins to settle payments and conduct other treasury management functions. You might even say that if stablecoins were going to be a part of any crypto asset ecosystem, their existence would make the boom-and-bust cycles of Bitcoin and Ethereum more tolerable.

穩定劑具有有機，非探測，現實世界中的使用。企業，DAOS甚至一些政府機構都使用Stablecoins解決付款並執行其他財政管理職能。您甚至可能會說，如果Stablecoins將成為任何加密資產生態系統的一部分，它們的存在將使比特幣和以太坊的繁榮週期更加容忍。

Beyond Price Action: The Role of Stablecoins

超越價格行動：穩定的角色

Even as the crypto narrative often revolves around major assets like Bitcoin and Ethereum, stablecoins continue to build an interesting story. The recent market downturn hasn’t seen us decrease our holdings of

即使加密敘事經常圍繞比特幣和以太坊等主要資產，Stablecoins仍在建立一個有趣的故事。最近的市場低迷沒有看到我們減少了我們的持股