Not only should we focus on the rise and fall of prices, but we must also understand the underlying "water temperature"—that is, the changes in **liquidity (stablecoins)**. Currently, the total market value of stablecoins is approximately 308.75B, and recent charts show signs of slight corrections and fluctuations.

Latest data and in-depth analysis of the macro background as of January 2026:

1. Core reasons for the decline in stablecoin market value

The structural rotation of safe-haven assets. As we enter January 2026, the market is influenced by geopolitical issues, tariff risks, and macro uncertainty, prompting speculative capital to withdraw from the crypto ecosystem. Some funds have not remained in stablecoins waiting but have directly flowed into assets with stronger safe-haven attributes (such as gold or the yen, which has performed strongly recently due to intervention).

ETF outflows and institutional rebalancing. Latest data shows that funds have seen net outflows from spot Bitcoin ETFs such as BlackRock (IBIT). When institutional investors sell through ETFs, the corresponding underlying assets are liquidated, and the "ammunition" supporting the market value (stablecoins or fiat liquidity) is subsequently canceled or withdrawn from the traditional financial system, leading to a shrinkage in total market value.

Phase-based exhaustion of purchasing power. The sustained volatility at the end of 2025 has consumed a large amount of marginal buying power. The growth of stablecoin supply has recently slowed, reflecting a decreased willingness for new funds to enter the market, as it enters a "stock game" phase.