stablecoins

We can use stablecoin data to generate alternative market sentiment and fragility metrics. Since stablecoin trading pairs are generally the first destination for derisking positions, they can dimension risk appetite. Most risk-on is a rising nominal stablecoin supply with a declining overall market cap share.

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Most risk-off is falling stablecoins in circulation with a rising market cap share. 

Currently, we are still in the risk-on regime, although the rate of decline of the stablecoin share of overall market capitalisation has stagnated in recent weeks.