Analysts say, "It's not Bitcoin spot ETFs, it's this indicator that determines the real bull!"

Cryptocurrency market analysts have traditionally relied on demand for spot Bitcoin (BTC) ETFs to predict the direction of digital asset prices.
However, a new report by 10x Research suggests that stablecoin supply may be a more accurate indicator of crypto demand.
Stablecoins, which are predominantly digital assets with a fixed price pegged to the U.S. dollar, are a crucial infrastructure component that bridges the gap between traditional currencies and the digital asset world and provides liquidity for trading. According to Markus Thielen, founder of 10x Research, changes in their supply offer valuable insights into the health of the crypto market.
The report noted the rapid expansion in stablecoin supply, suggesting that this could point to higher crypto prices in the future. Over the past 30 days, the supply of the two largest stablecoins, Tether (USDT) and USDC, has increased by a combined $10 billion. Meanwhile, the supply of the third- and fourth-largest stablecoins, MakerDAO's DAI and Hong Kong-based First Digital's FDUSD, also expanded by 5%-10% during this period.
"Fiat money is moving to crypto at a rapid pace," Thielen said.
In contrast, U.S.-based spot Bitcoin ETFs have attracted $5 billion in net inflows over the past 30 days. Thielen pointed out that mints from stablecoins are twice as large and can represent long-term exposure, unlike ETFs.
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