Big cake stuck at 77950—El Salvador is still buying, but there’s a more important signal

BTC at 77951, trading sideways. In the past 7 days, El Salvador has added 8 more coins, bringing total holdings to 7,633 coins (about $624 million). The national-level dollar-cost averaging hasn’t stopped.

But today, what’s truly worth watching on the order book is a16z’s report:

· Stablecoin Q1 adjusted trading volume: $4.5 trillion
· Circulation velocity: from 2.6x at the start of 2024 → 6x
· Share of domestic trading: 50% → close to 75%

Translation: Stablecoins have moved from being exchange display pieces to real payment rails—the “water” on-chain is getting wider and deeper.

The moving-average structure hasn’t broken: MA5(77883), MA10(76816), and MA20(74911) are in a bullish arrangement. Price is riding along the MA5 line, and yesterday’s low of 77129 was held.

Contract reference

· Catching entries: 77000–77300; pullback on reduced volume doesn’t break—stop-loss below 76700
· Chasing the breakout: hold above 78500; watch for 79500 → 81000
· Bottom line: MA20(74911); if it breaks, the trend will change

Summary
El Salvador buying 8 coins isn’t the reason for the pump—it's a16z’s $4.5 trillion that shows the long-term money is laying the groundwork.