PANews reported on January 14 that Matrixport said that according to the 7-day minting data of stablecoins, the speed of fiat money flowing into the crypto market slowed down significantly before the Christmas holiday, which may be related to the Federal Reserve's shift to a hawkish policy in mid-December. As the activity of fiat money flowing into stablecoins continues to be sluggish, Bitcoin and other cryptocurrencies may continue to maintain a consolidation state.

Although the holiday lull has ended, stablecoin inflows have not yet rebounded significantly. The growth of stablecoin minting is usually seen as a signal of increased market demand, but the current rebound of this indicator is small and its sustainability remains unclear. Analysis points out that only a steady increase in stablecoin minting activities can push Bitcoin out of the consolidation phase and re-enter the bull market.