Judging investor sentiment through data from major stablecoins I just checked the market value of the main stablecoins to see if recent events and yesterday's Sichuan Malaysia War will have an impact on the market. According to USDT data, there is not much impact, but the market value is still on the rise. This is not surprising, after all, USDT is mostly used by Asian partners in terms of usage, and its application in the field of cryptocurrency trading is becoming increasingly low. Next is USDC, which has experienced slight fluctuations recently but not a significant decrease. In fact, since the end of April, the market value of USDC has not continued to increase. This also reflects that the enthusiasm of European and American investors for cryptocurrencies may have reached its peak and then slowly cooled down. The feedback from trading volume data is the same, with investor buying and selling sentiment almost at its lowest point in the past year. (Except for yesterday) Of course, the market value of stablecoins does not equal their purchasing power, which is inevitable. Therefore, we also need to look at the data of major stablecoins transferring to exchanges to see more practical user emotions. It can be clearly seen from the data that both USDT and USDC have had lower amounts of funds transferred to the exchange in the past two weeks compared to the past. USDT's transfer volume last week was almost the lowest level in the past year, while USDC's transfer volume has been declining for two consecutive weeks, which also indicates that investors have indeed fallen into a buying slump. Of course, some friends may say that this part of the funds is transferred to the exchange for the purpose of making some financial gains, so the stock funds of the exchange are still a focus of attention. The stock funds of USDT have been declining since the end of last year. On the one hand, this is due to some funds leaving the exchange. On the other hand, it can also be seen that Asian investors have started to reduce their investment after BTC's price peaked twice at the end of 2024. Even if it breaks the historical high again in May 2025, Asian investors are also reducing their funds on the exchange. The stock of USDC on the exchange highly overlaps with the price trend of Bitcoin. When the price rises, the stock of funds increases, while when the price falls, the stock of funds decreases. This also represents that European and American investors are more sensitive to prices, and chasing gains and selling losses is also a good skill. So overall, the sentiment of investors is not very good. Although the market value of stablecoins is still at a high point, the purchasing power converted into FOMO has not yet seen the sentiment. Asian investors are gradually reducing their investment willingness, while European and American investors seem to prefer right-hand trading. The overall trading volume of Bitcoin has also fallen to a recent low in the past two weeks. Except for events that have intensified the volatility, the purchasing power of other events indicates that investors are tired of the current trend and are likely to enter a garbage time after the price stabilizes a bit in the near future. PS: I saw another key data from the stock data of the exchange. As of 8am this morning, the total stock of the main stablecoins of all exchanges was 36.57 billion USDT and 6.28 billion USDC, respectively. Among them, Binance's USDT stock reached 22.26 billion US dollars, while USDC stock was 3.89 billion US dollars, accounting for 60.87% and 61.94% of the total stock. The second place is OKX, with a total stock of USD 6.69 billion for USDT and USD 619 million for USDC. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex