Stablecoins表示加密货币市场的情感和流动性

加密市场的情感和流动性由Stablecoins发出信号。它们表明市场是看涨还是看跌。

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

加密市场的情绪和流动性通常由稳定币的流动表明，表明市场是看涨还是看跌。

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年第一季度将稳定剂的健康流入到交换中后，来自加密数据智能平台玻璃节玻璃节的一对链上的报告显示，稳定的稳定量的交换平衡于2023年4月下降。这表明投资者对加密货币的感兴趣，或者他们在Crypto市场中变得越来越感兴趣。

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，稳定的股币流向交流通常相匹配或超过流出。这种一致的运动使总体交换的余额相对稳定在660亿美元至670亿美元之间。这种稳定性表明，贸易商和机构正在为更积极的市场参与做准备，并将自己定位为在现货和衍生品市场中的潜在机会。当时，高稳定的平衡表明对近期市场条件的相对信心，在交流上进行了足够的流动性，以迅速对价格波动做出反应。

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

三月看到Stablecoins流入。四月看到他们排出了。

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

3月，交换流入通常匹配或超过流出，使余额保持稳定在约66b – 67b之间。

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？清晰的逆转。流出几乎每天占主导地位，将全部交换余额降低到…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

四月的流出涌动和风险胃口的冷却

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，四月的行为发生了明显而重大的变化。一个月的几乎每一天都看到了交换中的稳定币流出流入。到4月底，总交易余额已降至615亿美元左右，仅在短短几周内就获得了超过50亿美元的流动性。

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.

这种连续的流出表明，贡献者可能会降低他们在风险投资中的地位，并可能将其资金锁定在更安全的，不交流的设置中，例如冷钱包或堆放平台。这正是您期望的行为类型，当心情开始转弯时，风险食欲正在逐渐消失。

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.

从表面上看，这种下降可能表明积极交易活动的暂时放缓。但是现实可能更加细微。一些投资者可以简单地将资本转移到分散平台，多元化的曝光率，或者参与更复杂的衍生品策略以对冲潜在的波动性。

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

无论特定动机如何，这种趋势都标志着3月相对中立甚至略微看涨的姿势的巨大逆转。

Transaction Volume Tells a Different Story

交易量讲述了一个不同的故事

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，尽管交易所余额在四月份下降，但Stablecoin不仅在前所未有的活动中，而且是前所未有的交易量。活动和音量已达到新的记录高点。

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.

剧集的急剧增加很可能使叙述变得复杂。通常，交换余额可能与更广泛的市场参与度相关。但是，从非常真实的意义上讲，最近的卷峰是流鼻血的领域。它的标志表明，某些人可能希望在很大程度上是惰性的资产类别，而是以比以往任何时候都更加多样化和分散的方式使用。

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

上个月，Stablecoin交易量达到1.82万亿美元，创纪录的高度。

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

有机，非探测用途似乎正在增长，即使加密交易量波动。

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

尽管如此，很容易低估稳定币的承诺。因此，我们已经完成了一个快速启动指南…pic.twitter.com/ssnczou3p3

— a16z crypto (@a16zcrypto) April 30, 2024

- A16Z加密货币（@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.

这种尖峰表明了这一点很清楚：无论好坏，资产支持的稳定币现在已成为加密景观的主要部分。

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.

不断增加的稳定蛋白还表明，它们对于跨境支付，链子定居点，产量耕作和现实世界中的资产交易所至关重要。这表明，即使交易者可能对加密货币的兴趣越来越不感兴趣，并且机构正在从其职位上退缩，其他事情也填补了差距，这可能会推动跨境支付，并利用巨大的链接稳定能力。这不仅仅是一件违规的事情； Stablecoins还在付款系统和传统财务之类的东西。

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.

稳定剂具有有机，非探测，现实世界中的使用。企业，DAOS甚至一些政府机构都使用Stablecoins解决付款并执行其他财政管理职能。您甚至可能会说，如果Stablecoins将成为任何加密资产生态系统的一部分，它们的存在将使比特币和以太坊的繁荣周期更加容忍。

Beyond Price Action: The Role of Stablecoins

超越价格行动：稳定的角色

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

即使加密叙事经常围绕比特币和以太坊等主要资产，Stablecoins仍在建立一个有趣的故事。最近的市场低迷没有看到我们减少了我们的持股