#稳定币市场 Stablecoins surpass 300 billion USD in supply, with an annual trading volume of 46 trillion—this underlying signal is worth paying attention to. Ethereum accounts for 54% of the market share, and institutional funds continue to flow in (JPMorgan MONY, BlackRock BUIDL approaching 3 billion USD), but on-chain data requires more detailed analysis.

Focus on three dimensions: First, the growth of stablecoins is mainly driven by institutional demand, which indicates a structural change in capital inflows rather than short-term retail speculation; second, L2 transaction volume has surpassed the mainnet, and decreasing costs are changing the distribution pattern of funds—tracking the flow of USDC and USDT across different chains can help identify capital shifts early; third, although technical indicators are fully optimized (Fusaka 8x expansion, Gas limit continuously raised), the price performance lags behind, suggesting that the current market pricing has not fully reflected the value of infrastructure upgrades.

In the short term, pay attention to large stablecoin cross-chain transfers and whale address position changes, as these are often early signals of institutional rebalancing. The long-term logic is clear, but it requires waiting for a sentiment recovery window.