According to Foresight News, data from DefiLlama shows that the stablecoin market cap has remained relatively stable at $124 billion during the recent Bitcoin surge. Analysts suggest that stablecoin supply is a lagging indicator, but the lack of recovery signs in stablecoins may indicate that Bitcoin's rise has not brought new liquidity to the crypto market. Vaidya Pallasena, rating director at stablecoin rating agency Bluechip, said that this could be due to a large number of transactions taking place on CME and existing liquidity being driven by the expectation of a Bitcoin spot ETF approval, pushing prices higher.