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?

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does it matter? 

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

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

ok that's fair. i did use the phrase stablecoin adoption in my original cast. 

i find it positive that stablecoins have grown despite the significant price declines, because there's a lot of dry powder waiting to come into the ecosystem. The fact that there haven't been net outflows means ppl haven't been scared out of crypto entirely (i.e. exit to fiat)