Kapitalisasi USDT Turun $4 Miliar dalam Dua Bulan

cryptonews.ru2026-08-11 tarihinde yayınlandı2026-08-11 tarihinde güncellendi

Özet

Dalam dua bulan terakhir, kapitalisasi stablecoin USDT telah menyusut sebesar $4 miliar, mengindikasikan kemungkinan arus keluar modal dari pasar kripto. Analis on-chain Stacy Muur mengutip data CryptoQuant, mencatat bahwa perubahan rata-rata bergulir pasokan USDT selama 60 hari terakhir berada pada kisaran -$3,64 miliar per 10 Agustus 2026, dengan rata-rata bergulir 30 hari mencapai -$4,8 miliar. Hanya dalam 11 hari terakhir, kapitalisasi turun $870 juta. Penurunan ini berkorelasi langsung dengan harga Bitcoin, menandakan pendinginan pasar secara umum. Muur menyebutkan sebagian hal ini tampak sebagai arus keluar langsung, di mana beberapa investor menukarkan stablecoin ke mata uang fiat dan meninggalkan pasar kripto setelah penurunan harga Bitcoin dari puncak 2025. Penyebab lain mungkin rotasi modal, dengan competitor seperti Circle menawarkan peluang hasil yang lebih menarik. Namun, kapitalisasi USDC milik Circle juga menyusut lebih cepat, turun $2,2 miliar dalam periode 60 hari yang sama. Meski nominalnya lebih kecil dibanding USDT, persentase penurunannya lebih besar relatif terhadap kapitalisasi total asetnya. Muur menyimpulkan bahwa ini adalah gabungan faktor: sebagian modal mencari hasil, sebagian kembali ke fiat, dan permintaan stablecoin menurun seiring meredanya aktivitas spekulatif. Sebelumnya, pakar CryptoQuant memperkirakan potensi penurunan harga Bitcoin hingga $51.000.

Perubahan bergulir (sliding change) dari pasokan stablecoin $USDT selama 60 hari terakhir berada dalam rentang $4 miliar, yang mungkin mengindikasikan arus keluar modal dari pasar kripto. Hal ini dinyatakan oleh analis on-chain Stacy Muur, mengutip data CryptoQuant.

Memang, sejak akhir Juni 2026, indikator ini berada 'di zona negatif'. Per 10 Agustus 2026, nilainya adalah -$3,64 miliar. Sementara itu, rata-rata bergerak (moving average) 30 hari, yang berlaku langsung untuk nilai dua bulan tersebut, mencapai -$4,8 miliar.

Selain itu, dalam 11 hari terakhir, kapitalisasi turun sebesar $870 juta. Juga perlu dicatat bahwa indikator ini berkorelasi langsung dengan harga Bitcoin, yang mungkin mengindikasikan pendinginan umum pasar.

"Sebagian ini tampak seperti arus keluar modal langsung. Beberapa investor menukarkan stablecoin dengan mata uang fiat dan benar-benar keluar dari pasar cryptocurrency setelah penurunan harga Bitcoin dari puncaknya di tahun 2025," kata Muur.

Penyebab lain yang mungkin untuk penurunan pasokan $USDT adalah perputaran modal. Sebagai contoh, Circle menawarkan lebih banyak peluang dalam hal imbal hasil.

Namun, seperti diakui Muur sendiri, kapitalisasi $USDC menyusut bahkan lebih cepat.

Jika mengambil periode yang sama yaitu 60 hari, pasokan stablecoin Circle berkurang sebesar $2,2 miliar. Ini lebih sedikit dibandingkan dengan $USDT, namun lebih besar jika didasarkan pada kapitalisasi total kedua aset tersebut.

"Saya pikir ini hanyalah kombinasi dari berbagai faktor. Sebagian modal mencari imbal hasil, sebagian kembali ke mata uang fiat, dan permintaan untuk stablecoin menurun seiring meredanya aktivitas spekulatif," dia menyimpulkan.

Sebelumnya, para ahli CryptoQuant memperkirakan kemungkinan penurunan Bitcoin hingga $51.000.

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İlgili Sorular

QBerapa penurunan kapitalisasi USDT selama 60 hari terakhir menurut artikel?

APerubahan kapitalisasi USDT selama 60 hari terakhir mencapai $4 miliar.

QApa penyebab utama penurunan kapitalisasi USDT menurut analis on-chain Stacey Muir?

APenyebab utamanya adalah arus keluar modal, di mana beberapa investor menukar stablecoin dengan mata uang fiat dan keluar dari pasar cryptocurrency sepenuhnya setelah penurunan harga Bitcoin dari puncak 2025.

QBagaimana kinerja USDC dibandingkan dengan USDT dalam periode 60 hari yang sama?

AKapitalisasi USDC menyusut lebih cepat, turun sebesar $2,2 miliar dalam periode 60 hari yang sama.

QMengapa penurunan kapitalisasi USDC dianggap lebih signifikan meski nominalnya lebih kecil dari USDT?

AKarena penurunan USDC lebih besar jika dibandingkan dengan total kapitalisasi aset itu sendiri.

QApa faktor lain yang mungkin menyebabkan penurunan pasokan USDT selain arus keluar modal?

AFaktor lain adalah rotasi modal, di mana investor mungkin beralih ke penyedia stablecoin lain seperti Circle yang menawarkan lebih banyak peluang imbal hasil.

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