On February 6, news reports indicate that as selling sentiment in the cryptocurrency market continues to intensify, stablecoin funds are accelerating their return. CryptoQuant analyst Darkfost pointed out that the recent inflow of stablecoins into the market has doubled to $98 billion, significantly higher than the 90-day average of $89 billion, indicating a clear acceleration in capital deployment.
In a recent blog post, Darkfost stated that this change reflects that investors are not exiting the market but are waiting for a more suitable entry point. However, he also warned that current selling pressure remains relatively heavy, and in the short term, these new funds are insufficient to fully absorb the selling volume. The market is in a sensitive phase characterized by structural liquidity tightening and frequent confidence fluctuations.
Meanwhile, Bitcoin’s price experienced a sharp drop of over 10% on Friday, approaching $64,000 at one point, and gradually nearing the approximately 50% retracement zone of its October 2025 all-time high. This magnitude is often regarded as an important technical reference in previous cycles, further amplifying market hesitation.
Despite the high volatility, some funds have begun to attempt low-level positioning. Darkfost believes that the increase in stablecoin inflows is itself a somewhat positive signal, indicating that off-chain funds still maintain interest in digital assets and are looking for re-entry opportunities.
Structurally, the stablecoin landscape is also quietly changing. Data from Messari shows that mid-sized stablecoins like USDS and USD1 are continuously expanding their market share, while the supply of USDT and USDC is shrinking simultaneously, leading to a 1.0% week-over-week decline in the total stablecoin market cap to approximately $305.1 billion.
Among them, the largest stablecoin USDT’s price recovered to $0.99 within 24 hours, with trading volume expanding to $257.45 billion, a roughly 60% increase within the day, indicating a significant boost in short-term liquidity.
Analysts point out that, in the context of capital returning and price depth experiencing a correction, the movements of stablecoins may become an important reference indicator for judging the market phase change.
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