#加密总市值创历史新高

• The total market value of stablecoins has surpassed 200 billion USD since early 2025. If the Federal Reserve shifts to easing, the expansion of M2 will further increase the issuance of stablecoins, providing "internal ammunition" for the crypto market.

• The peak net inflow of ETFs in a single day has reached a record of 370 million USD. Once the interest rate decline channel opens, "big money" such as pensions and sovereign funds will truly increase their risk exposure.

If you only want to focus on one macro turning point—"the Federal Reserve truly entering a continuous rate-cutting channel"—then September 2025 is the most probable trigger signal; when combined with the traditional explosion window of the 12th month after the halving (12 months after April 2025), **September 2025 – March 2026** is the most certain period for the next bull market in the crypto space.