#加密总市值创历史新高

• The total market capitalization of stablecoins has exceeded 200 billion USD since early 2025. If the Federal Reserve shifts to a loose monetary policy, M2 expansion will further increase the issuance of stablecoins, providing 'internal ammunition' for the crypto market.

• The peak daily net inflow of ETFs has set a record of 370 million USD. Once the interest rate downtrend opens, 'big money' such as pension funds and sovereign wealth funds will truly increase their risk exposure.

If you only want to focus on one macro turning point—'the Federal Reserve truly enters a continuous interest rate reduction pathway'—then September 2025 is the most probable starting signal; when combined with the traditional explosion window 12 months after the halving (12 months after April 2025), **September 2025–March 2026** is the most certain period for the next crypto bull market.