Bitcoin maintains an important bullish signal despite the market downturn. This is indicated by new research.
Researchers note that the dynamics of stablecoins still point to the potential for crypto market growth. The volume of ERC-20 stablecoins alone is currently holding at $185 billion.
There is another point: Binance users continue to keep a large reserve of stablecoins in case good entry points to the market appear.
Stablecoins Become More Important Than the M2 Metric
New data shows that stablecoins already play a more significant role in the market than classic metrics like M2. This conclusion was made by CryptoQuant in a recent analysis.
According to the on-chain platform, the total volume of stablecoins in November remains near its historical maximum. Short-term dips do not change the overall picture: internal liquidity in crypto remains high and continues to lift the market upward.
In 2025, the volume of stablecoins on the Ethereum (ERC-20) network reached $185 billion. This is a new record. The indicator not only set a new high, but it is also consistently holding at this level, indicating a steady inflow of capital into the ecosystem, not just a one-time spike.
Researchers from XWIN Research Japan note that the growth of stablecoins looks more reliable and steady than the price dynamics of bitcoin. According to them, this indicator shows the “live” money entering the market, not the noise of speculative fluctuations.
ERC-20 stablecoin supply volume (screenshot). Source: CryptoQuant
The Link Between Crypto Growth and Global Liquidity
The movement of the crypto market often goes in the same direction as the global money supply M2. At the beginning of 2025, this indicator set its own record, but later its growth slowed. Uncertainty in the market increased immediately. Risky assets react to such shifts the fastest.
BTC/USD and global M2 metric. Source: CryptoQuant
However, some analysts believe that today M2 no longer gives a complete understanding of what is happening. They pay attention to stablecoins, since most of the market’s liquidity passes through them. Stablecoins are used in trading, on DEX platforms, in lending, and in derivatives—essentially in everything that drives volumes.
Moreover, their dynamics change almost instantly. If new capital enters the market or, on the contrary, leaves, it is immediately visible. Unlike M2, which is updated rarely and with a delay. Stablecoins also reflect the activity of large players and inflows through ETF—these funds almost instantly enter circulation.
Analysts note that both in 2021 and during the recovery of 2024–2025, stablecoin growth appeared before a new round of bitcoin movement began.
Binance Shows Sharp Growth in Stablecoins
Market shifts are clearly visible in the liquidity on the largest global exchange—Binance. In recent weeks, there has been a clear tilt toward stablecoins there.
According to CryptoQuant, stablecoin volumes on the exchange are growing very quickly. This contrasts with the fact that bitcoin and ether reserves on the platforms are decreasing. An interesting picture emerges: coins are being withdrawn, while stablecoins remain and continue to accumulate.
Analysts believe that this situation occurs when traders take profits at local peaks and wait for new entry points. Stablecoins remain in accounts as a reserve for future purchases.
Researchers note that such a volume of free liquidity acts like a compressed spring. A noticeable correction or macroeconomic stabilization is enough, and these funds can quickly return to the market. Now, according to them, there is a period of “patience with weapons at the ready,” when players are watching and not rushing to spend their accumulated reserves.
Mixed stablecoin reserves on Binance. Source: CryptoQuant
