比特币的[BTC]价格动作与Stablecoin储备密切相关

比特币的[BTC]价格动作与Stablecoin储备密切相关，最近仍然保持稳定

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.

比特币的[BTC]价格行动与Stablecoin储备密切相关，该储量最近保持稳定，没有显示出可能表明零售追逐风险的大量流入。

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·马丁内斯（Ali Martinez）所指出的那样，Binance上的Stablecoin储备金范围在300亿至340亿美元之间，这是一个谨慎的谨慎乐队。

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.

为什么这很重要？以Tether [USDT]（USDT）为主导的稳定股币，市值以北1500亿美元。尽管比特币将超过$ 10万美元推高，但USDT并未看到有意义的流入。

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”闪回-USDT流入的怪物飙升了60亿美元。快进到现在，这个数字缩水至19亿美元。

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.

外卖？该市场在新鲜的Stablecoin弹药上的干燥，使比特币的下一步动作取决于该资本闸门是否重新开放或保持密封。

The case for stablecoin capital holding back on Bitcoin

Stablecoin Capital的案例阻碍了比特币

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

除了故事外，恐惧和贪婪指数正在闪烁微妙但说明分歧。

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.

在过去的两个BTC抛物线范围内，该指数却落后于“极端贪婪”。这是历史上经典的欣喜区。

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

这表明，分销阶段比平常早，在全面的吹式集会之前引起了谨慎的限制。

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

当前缺乏稳定的流入可能意味着我们看到了这种模式的重复。

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.

随着稳定的干粉量远远不到过去的拉力级水平，零售犹豫不决。聪明的钱似乎准备好获得利润，有可能触发新的周期重置。

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.

总而言之，停滞的稳定粉干粉与恐惧和贪婪的分歧的结合闪烁，警告说市场顶部可以烘烤。

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

在这里，稳定的运动不仅仅是“场边”资本。在即将到来的会议中密切观看这些指标至关重要。