Crypto is down across the board YTD with the exception of stablecoins. 

in terms of market cap, USDT is +4% YTD and USDC Is +37%. 

combined market cap of these 2 is ~75bps of the total 2.77T crypto market cap (small), but still very exciting that stablecoin adoption continues to rise despite price declines

not a dude. crypto is such a weird and fun place.

but how much of that mcap increase is new inflows vs. crypto holders stabling during a downtrend?

Farcaster-native research: https://paragraph.xyz/@matthewb | prev. Juicebox, Nouns, RAW DAO | casting about coffee, hi-fi, and other rabbit holes

I don’t think a rotation—with no net inflows—to protect capital in a downtrend is indicative of adoption, more-so just defensive positioning

but if there are net inflows flowing to stables then yes totally agree

does it matter? 

dollars on-chain increasing and not decreasing is very bullish imo, regardless of the reason