Analysts are observing signs of liquidity returning to the cryptocurrency market, with stablecoin capitalization reaching $306.7 billion. According to DefiLlama, this figure increased by 0.47% over the past week and 1.23% over the last 30 days. Analysts attribute this trend to the expanding use of stablecoins in payments, remittances, and tokenized assets.
Data from the Solana network shows a significant increase in stablecoin volume, which reached $16.87 billion. This represents a 7.35% growth over 30 days and a 4.97% increase in the last week. Meanwhile, decentralized exchange (DEX) trading volume rose by 3.73% weekly, with a total turnover of $265.1 billion recorded over the past month.
Wintermute experts noted that capital inflows through existing channels, such as ETFs and stablecoins, had previously dropped to 2.4% of total market capitalization. While these flows are recovering, they remain below the levels seen in previous bull cycles. Analysts suggest that new capital channels, such as real-world assets (RWA), may be required for a sustainable cycle.
Glassnode reports a shift in Bitcoin market order flow toward spot purchases. Realized capitalization growth has exceeded the upper bound of the statistical range, indicating capital entry at higher prices. However, analysts warn that rising leverage and profit-taking increase market sensitivity, and current data does not yet confirm the start of a broad bull phase.
