Bitcoin has been falling from $109,000 at the beginning of the year to $75,000 at its lowest, and the crypto market has fallen into a deep adjustment period. Trading volume has dropped sharply, hot sectors have been shut down one after another, and only a few currencies have occasionally staged short-term market trends, and the overall market is sluggish.
But in sharp contrast, stablecoins are expanding against the trend. According to Artemis data, as of April 2025, the total market value of stablecoins reached $231.6 billion, an increase of 51% over the same period in 2024, making it one of the few sectors in the crypto market that has grown against the trend.
Against the backdrop of weakening coin prices and cooling investment sentiment, a large number of newly added stablecoins have not flowed to traditional currency circle investments. Where exactly did these funds go? Is a new round of market opportunities brewing? The abnormal expansion of stablecoins may be a key clue to the next wave of crypto capital flows.
