Stablecoin Supply在此比特币下降中显示了不同的模式

一位分析师已经解释了该比特币校正阶段与2024年的纠正阶段如何根据该链度量的数据有所不同。

In a CryptoQuant post, analyst Hasu explained how the latest trend in the stablecoin circulating supply has been looking.

在一个隐秘的帖子中，分析师Hasu解释了Stablecoin循环供应的最新趋势如何看待。

“Stablecoins” are cryptocurrencies that track the price of a fiat currency, with USD being by far the most popular choice. These tokens run on multiple networks, but in the context of the current topic, only the Ethereum-based ones are of interest.

“ Stablecoins”是跟踪法定货币价格的加密货币，其价格是迄今为止最受欢迎的选择。这些令牌在多个网络上运行，但是在当前主题的背景下，只有基于以太坊的主题是一个有趣的。

Stablecoins are, by nature, relatively ‘stable’ in value, so the investors generally buy into these coins whenever they want to avoid the volatility associated with assets like Bitcoin.

从本质上讲，稳定币的价值相对“稳定”，因此投资者通常只要避免与比特币这样的资产相关的波动率，因此投资者通常会购买这些硬币。

Holders who invest into stables, though, usually plan to eventually go back into the volatile side of the sector. For if they didn’t, they would have exited into fiat instead. Once these traders feel the time is right, they use their stablecoins to swap into Bitcoin or whatever desired coin. This shift naturally applies a buying pressure to the price of the asset.

但是，投资马s的持有人通常计划最终回到该行业的动荡一侧。因为如果他们没有，他们将退出菲亚特。一旦这些交易者觉得时间正确，他们就会使用稳定币交换为比特币或任何所需的硬币。这种转变自然会对资产的价格施加购买压力。

Due to the potential of the stablecoins to act as dry powder for the volatile cryptocurrencies, these assets are often looked at as the ‘available’ buy supply of the sector. As such, an increase in its value may be considered as a bullish sign.

由于稳定币的潜力有挥发性加密货币充当干粉，因此这些资产通常被视为该行业的“可用”购买供应。因此，其价值的增加可能被视为看涨标志。

Now, here is the chart shared by the quant, which shows the trend in the supply of the ERC-20 stablecoins over the last year and a half:

现在，以下是量化的图表，该图表显示了过去一年半的ERC-20稳定股的供应趋势：

As displayed in the above graph, the stablecoin supply has been on the rise during the last few months, which suggests capital has been flowing into these fiat-tied tokens. This rise in the metric has come as Bitcoin has been going through a phase of bearish momentum.

如上图所示，在过去的几个月中，稳定的供应一直在上升，这表明资本一直流入这些菲亚特式令牌中。随着比特币一直在经历看跌势头的阶段，这一指标的上升已经出现。

In the chart, the analyst has also highlighted the trend that the indicator followed during BTC’s bearish period from last year. It would seem that the stablecoin supply was moving sideways back then.

在图表中，分析师还强调了BTC去年从去年的看跌时期所遵循的指标遵循的趋势。当时的稳定供应似乎正在侧向移动。

This would imply that as BTC corrected in 2024, a net amount of capital flowed out of the sector as if the capital was rotating into the stablecoins instead, their supply would have registered an increase.

这意味着，正如BTC在2024年纠正的那样，净数量的资本流出了该行业，就好像资本正在旋转到稳定的人中一样，他们的供应将增加。

This time around, however, a rotation of capital has indeed been occurring, with these stablecoin buyers potentially waiting on the sidelines for a profitable entry point. Of course, this current setup isn’t the most bullish one, either; that would have been the case if both the Bitcoin market cap and the stablecoin supply rose simultaneously.

然而，这次确实发生了资本的轮换，这些稳定的买家可能会在场外等待有利可图的入口点。当然，当前的设置也不是最看涨的设置。如果比特币市值同时同时增加了比特币市值和稳定供应量，那就是这种情况。

Nonetheless, the fact that the stablecoins haven’t been shrinking during this market downturn could still be taken as an optimistic sign for Bitcoin.

尽管如此，在这个市场下滑中尚未缩小的稳定剂仍可以作为比特币的乐观迹象这一事实。