DefiLlama data shows that the total market cap of stablecoins is approximately $3144.69 billion, down by about $730 million over 7 days, down 2.32% over 30 days, with USDT accounting for about 59.17%.

Stablecoins are the “ammunition depot” of the crypto market. Prices rebound, but stablecoins don’t expand, which suggests more of a game of existing holdings rather than a large-scale influx of new funds.
Only if the total amount of stablecoins turns back to growth, and BTC no longer breaks to new lows, could the move upgrade from a “dead cat bounce” to a “staged bullish window.”
As stablecoins continue to shrink, altcoins suffer the most;
Mainstream coins can still get propped up by ETFs and institutions, while altcoins can only rely on sentiment.
Can the total market cap of stablecoins start growing again; will on-chain stablecoins such as Solana, Base, and Hyperliquid resume inflows?