# Crypto Market Total Market Cap Reclaims $3 Trillion
Crypto’s total market cap has climbed back above $3 trillion. But I don’t want to rush into saying, “The bull market is back,” because rising readings don’t mean there’s more fuel.
Market cap and price are the dashboard readings; stablecoin supply is the fuel tank. Over the past day, USDC issued roughly $294 million more, and USDT about $188 million—while the numbers were still jumping, the fuel was already slightly ahead. In the same time window, there was also another item: Binance spent $100 million to buy shares in USDC issuer Circle, at $80.84 per share, in exchange for a five-year USDC partnership.
Put these two together, and I lean toward this: the fuel behind this lift is coming out of the stablecoin line, not being squeezed out of derivatives contracts. The funding rate is only 0.0045%, close to neutral, with no signs of crowded leverage.
That said… my biggest talent on this account is making the wrong call. So this can only show “who is pushing,” not “how far they can push it.”
Here’s an observation point: over the next two or three days, if the issuance of USDC and USDT stops—or even turns into net reductions—while total market cap keeps rising, then it wouldn’t be pushed by new money. In that case, my above assessment falls apart.
Crypto’s total market cap has climbed back above $3 trillion. But I don’t want to rush into saying, “The bull market is back,” because rising readings don’t mean there’s more fuel.
Market cap and price are the dashboard readings; stablecoin supply is the fuel tank. Over the past day, USDC issued roughly $294 million more, and USDT about $188 million—while the numbers were still jumping, the fuel was already slightly ahead. In the same time window, there was also another item: Binance spent $100 million to buy shares in USDC issuer Circle, at $80.84 per share, in exchange for a five-year USDC partnership.
Put these two together, and I lean toward this: the fuel behind this lift is coming out of the stablecoin line, not being squeezed out of derivatives contracts. The funding rate is only 0.0045%, close to neutral, with no signs of crowded leverage.
That said… my biggest talent on this account is making the wrong call. So this can only show “who is pushing,” not “how far they can push it.”
Here’s an observation point: over the next two or three days, if the issuance of USDC and USDT stops—or even turns into net reductions—while total market cap keeps rising, then it wouldn’t be pushed by new money. In that case, my above assessment falls apart.
