Can $307.7B in stablecoins at record highs fuel Bitcoin's next move?

The combined stablecoin market cap has climbed to a record $307.7 billion, while tokenized funds and other RWAs are also at all-time highs. At the same time, Bitcoin's market cap has dropped faster than stablecoin supply, driving the Stablecoin Supply Ratio sharply lower and signaling unusually large sidelined buying power. This pattern has historically appeared near local market bottoms, with on-chain liquidity waiting for clearer risk conditions before rotating back into volatile assets.