CoinMetrics breaks down USDC/USDT supply growth: perpetual funding rates, competitors’ supply, total crypto market capitalization, and changes in 2-year Treasury yields all have an impact, but together they explain at most about 25% of weekly fluctuations. The model explains only a small portion; most of the rest still comes down to narratives and capital flows—don’t mistake regression for prediction.#稳定币 #USDC #USDT