From a financial perspective, the 30 day net position of the total supply of mainstream stablecoins has shifted from positive to negative. Although the issuance of stablecoins is not entirely used in the cryptocurrency industry, the demand and application of stablecoins by some peripheral gray industries are not greatly affected by market sentiment. Therefore, the continuously decreasing portion is likely to be the real purchasing power that originally remained in the cryptocurrency industry. (Figure 1) At the same time, the net holdings of mainstream stablecoins retained within the exchange have also shifted from positive to negative (30 days). This can also be seen from the fact that the exchange rate of USDC/USDT on Binance has always been above 1 (due to the sustained high demand for USDC), indicating signs of fund outflow from the exchange. (Figure 2) From the beginning of 2023 until now, there have been three instances of continuous net outflows of stablecoins from exchanges. The first was the US banking crisis in March 2023, particularly with Signature Bank having a close relationship with cryptocurrency funds; The second time was in April 2025 when Trump restarted the tariff war, causing market panic. But now, there are no particularly significant negative expectations or black swan events happening ..... Perhaps due to the crazy rise of gold and silver, it has had a siphon effect on the cryptocurrency market; Perhaps due to concerns about macroeconomic policies and geopolitical uncertainties, funds choose to seek safe haven; In short, this is very unfavorable for whether BTC can reverse its trend in the short term. Funds are the fundamental condition for providing sustained momentum to the market, and their impact may not be short-term (one day), but broader and deeper. Of course, if gold and silver experience a significant correction, there is also a possibility that they may turn from negative to positive again. After all, capital is profit driven, and BTC, which is lower than its fair value, is obviously more cost-effective than other assets that are already at a high price. ------------------------------------------ The data recently shared is mostly negative and pessimistic, and some people have started to express their dissatisfaction in the comment section. For example, "Your analysis has never been accurate, I hope it can be more accurate this time Although I didn't directly curse and I appreciate your mercy, I have reached a critical point in being able to handle this emotion. I'm really sorry! What I am sharing is what I have truly seen. I cannot ignore objective data and shout blindly, or make statements based on my position (although I still hold 40% of the position myself). My original intention was just to provide reference, not to become a stumbling block for you to get rich, which is not beneficial to me and goes against my original intention! There is an expectation of a rebound, as long as I see it, I will say; On the contrary, if one is emotionally unstable and lacks confidence, I would also say; I just hope to respect objectivity. If these contents cause you trouble and anxiety, you can simply ignore them and follow your heart. The above is only for learning exchange and not for investment advice! ------------------------------------------ This article is sponsored by @ bitget | Bitget VIP， Lower rates and more generous benefits