Recently, the cryptocurrency market has surged again—a strong rebound of the altcoin Mantle (#MNT ) while the liquidity in the #稳定币 market has quietly returned, laying the groundwork for the next round of market activity. By carefully observing on-chain data and trading movements, we may capture clues of a bull market.
Mantle surges 30%: Retail drives short-term frenzy
After hitting a low of 1.1 dollars, Mantle has recently experienced a strong rebound, with prices briefly soaring to 2.3 dollars before falling back to around 2.2 dollars, marking an overall increase of over 30%. Behind this rally is the concentrated entry of retail investors.
On-chain data shows that MNT's spot trading volume skyrocketed by 118%, reaching $1.18 billion, with market capitalization rising by 29% to $7.1 billion. CryptoQuant's trading volume bubble chart shows that retail investors actively bought during the price rebound, driving short-term activity in the spot market.
Data from Coinalyze also shows that in the past 24 hours, the buying volume was 5.5 million, sell volume was 4.6 million, net increase was 900,000 MNT, further validating the strength of retail buying.
In the futures market, the situation is equally active. The Mantle futures market has excessive retail orders, with an overall long position.
Nansen indicates that in the past day, buyers dominated, with long contracts at 15.8 million, and sell contracts at 14.1 million, while net futures positions increased by 1.5 million. This phenomenon suggests a bullish market sentiment, but it also reminds investors that short-term overheating of long positions may bring adjustment risks.
On the technical side, Mantle's Stochastic Momentum Index (SMI) rebounded to 4.1, suggesting a potential bullish crossover. The parabolic reversal indicator sets resistance near $2.8, which may become the key point for the next rise. If this level is broken, MNT may continue to rise; if it is blocked and falls back, there may be a short-term retest of the $1.9 support.
In summary, this round of Mantle's strong rebound is more of a short-term frenzy driven by retail purchases, and the underlying market enthusiasm still needs to be treated with caution.📈
Surge in stablecoins: Capital is quietly flowing back.
Meanwhile, the movements in the stablecoin market cannot be ignored. Recently, Binance's stablecoin reserves surged to $42 billion, setting a new historical record. Since August, Binance's stablecoin reserves have increased by $10 billion, indicating that market liquidity is quietly flowing back.
The increase in stablecoin supply often means that investors are preparing to re-enter the crypto market rather than withdrawing completely. After significant pullbacks in Bitcoin and altcoins, market panic has eased somewhat, and investors have shifted some funds into stablecoins, waiting for market stability before reallocating assets.
Data shows that the dominance of stablecoins in total market capitalization once soared to 9%, then fell back to 8.15%.
This wave of market movement reflects the trend of capital rotation — investors briefly withdrew from high-volatility risk assets and then quietly flowed back. Binance, as the global trading volume leader, has seen an increase in its stablecoin reserves, which not only indicates sufficient liquidity but also suggests that the next round of accumulation and trading activity is building up.
In other words, capital has not left the market but is 'lying flat' in stablecoins, waiting for Bitcoin and mainstream altcoins to consolidate. Historical data shows that when the dominance of stablecoins remains above 8% for a long time, it usually indicates a new bull market or at least a strong rebound 💰.
Summary: Enthusiasm + liquidity = the prelude to the next round of market movement.
Combining Mantle's short-term surge and the dramatic increase in stablecoin reserves, two major phenomena can be observed:
Retail enthusiasm is high — the rebound in altcoins is mainly driven by retail investors, with both futures and spot markets showing active longs.
Capital is secretly flowing back — stablecoin reserves have reached a historic high, and the market is accumulating liquidity while waiting for the next trend.
Therefore, even if prices fluctuate sharply in the short term, this combination of 'enthusiasm + liquidity' is still worth paying attention to. Retail frenzies may create short-term opportunities, while stablecoin accumulation indicates medium to long-term buying potential.
Overall, the crypto market is currently in a phase of short-term volatility + medium-term liquidity accumulation — Mantle's rebound is just a localized phenomenon, while the surge in stablecoins is the 'signal' of a potential market rebound. The next round of market movement may come faster than you think 🌊.#加密市场观察
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