#stablecoin#USDT#USDC #BUSD

Data meaning:

1. Histogram value <0: represents that the MACD line is less than the signal line, indicating a long-term bearish trend

2. Histogram value > 0: It means that the MACD line is greater than the signal line, which is a long-term positive trend.

3. Dark color of histogram: represents month-on-month acceleration, red represents short-term bearish trend

4. Light color of histogram: represents month-on-month deceleration, pink represents short-term positive trend

Last week's data:

Figure 1: USDT supply histogram, long-term bearish + short-term neutral trend

Figure 2 below: BUSD supply histogram, long-term bearish + short-term neutral trend

Figure 3 below: The total supply histogram of USDT+BUSD can represent the momentum of the main trading funds in the market. The sum of the two can also avoid the influence of the rise and fall of a single stablecoin on the judgment of the trend. This chart is currently in a long-term bearish + short-term neutral trend

Mcap/TVL

Mcap/TVL is the ratio of the total market value of stablecoins to TVL, which reflects the utilization rate of funds of stablecoins on the chain.

The higher the utilization rate, the smaller the Mcap/TVL ratio, which means that the market sentiment tends to be optimistic.

The lower the utilization rate, the larger the Mcap/TVL ratio, which means that market sentiment tends to be pessimistic.

Mcap/TVL current value (January 9): 2.29, tends to be pessimistic, week-on-week increase: -5.76%

From the supply histogram, USDT supply did not change much last week, and BUSD supply has stopped flowing out and has stabilized. Overall, mainstream funds are currently in a neutral trend. If macro data can further support inflation to peak in the future, the funding side may tend to turn around.

In addition, from the perspective of on-chain capital utilization, TVL increased by 3.18 billion week-on-week, a month-on-month increase of 5.6%, and the overall Mcap/TVL decreased by 5.76% month-on-month (positive), but it should be noted that the current market sentiment is still shrouded in the pessimism of a bear market.