[CryptoQuant: Increasing Pressure from Liquidity Shortage in the Crypto Market] CryptoQuant analysis points out that the crypto market is experiencing a severe liquidity shortage, in contrast to the precious metals and stock markets. After the total market capitalization of stablecoins grew by over $140 billion in 2023, it began to decline in December. In October, the average monthly net inflow of stablecoins reached $9.7 billion, with $8.8 billion flowing into Binance, driving Bitcoin to new highs. However, since November, stablecoins have seen a net outflow of over $4 billion, $3.1 billion of which came from Binance. Analysts believe this reflects a rise in investor risk-aversion sentiment, with part of the outflow related to exchanges adjusting stablecoins due to insufficient demand. The prolonged liquidity shortage over several months is becoming a major pressure point for the Bitcoin market.