2025-12-31 07:24:33

The market in the past month can be summed up in one phrase—repeatedly caught in a door. Bitcoin repeatedly attempted to surge past $90,000, only to fail each time, ultimately bouncing between the high 80s. Looking at the total market cap of the entire crypto market, it shrank from $4.4 trillion in October to now $3.11 trillion. The decline is indeed significant.

But an interesting phenomenon has emerged: stablecoins are actually being issued at a frantic pace. According to data, the total market cap of stablecoins has surpassed $310 billion, reaching $312.3 billion, hitting a new all-time high. In other words, money is indeed flowing into the market continuously.

This raises a strange question—despite the increasing amount of money, why is the overall market still sluggish?

In the past few cycles, the issuance of stablecoins was usually seen as a "signal of market initiation." The general logic is: new funds enter → buy digital assets → prices rise. It sounds reasonable. But this time, the situation is completely opposite. The total on-chain stablecoin supply hits a new high, DeFi locked funds are gradually recovering, and the funds in lending protocols are piling up, yet the market just won't go up. Market sentiment is low, hot narratives are exhausted, trading volume continues to decline, and even the liquidity of altcoins is noticeably tightening.

This is quite worth pondering—where are these continuously issued stablecoins flowing? Are they on standby? Or locked away in some corner? To truly understand this, we need to trace back the historical flow of stablecoins.

BTC0.87%

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BearMarketNoodler

· 6h ago

Stacks of money are useless if people's hearts are scattered. It's very unreasonable that stablecoins hit a new high while the market remains dead and dull.

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VitalikFanboy42

· 6h ago

Stablecoins are rapidly increasing in issuance but the market remains stagnant. This logic is indeed a bit magical... Where did all the money go? --- The doors are tightly shut, this wave in the crypto circle is really a bit desperate. --- It feels like all the money has flowed into lending protocols to sleep, no one dares to get on board. --- This phenomenon would have been a quick exit in the past, but now it’s strangely peculiar. --- A new high in stablecoins does not equal a market rally; this pattern seems to have already failed. --- With plenty of money and a cold market, people's confidence is scattered, making it hard to lead the team. --- I just want to know which DeFi pool these stablecoins are stuck in and rotting. --- Repeated attempts to hit 90,000 have failed; this feeling of being trapped is truly absolute. --- On-chain funds are piled up like mountains, yet no one dares to buy, it's too absurd.

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SandwichTrader

· 6h ago

The surge in stablecoin issuance doesn't move the market at all; this logic is really inverted. --- Where did all the money go? It feels like not only the coins are trapped, but also people's minds. --- After 90,000 failures, I just want to know who is aggressively accumulating at the 8-figure price level. --- Funds are piling up like mountains, yet the market remains dead and dull. This wave is indeed incredibly strange. --- Stablecoins hit a new high, but liquidity is tightening? Honestly, isn't this just bloodsucking? --- Repeatedly getting squeezed out, brothers who haven't lost their hands are truly brave. --- Money is flowing in, but the hot spots are gone. No wonder no one dares to move in this market. --- Altcoins have tight liquidity; it feels like the big players are stockpiling something. --- Waiting or being locked out—this is a good question. I also want to know the answer. --- From 44 trillion to 31.1 trillion, stablecoins are actually increasing issuance. The contrast is indeed significant.

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