Overall, market liquidity continues to weaken. In my opinion, we’re not at the final bear phase yet, but the real data looks pretty bleak. A quick comparison of stablecoin inflows and outflows makes it very clear. In May, Binance saw a net stablecoin outflow of about $1.2 billion, reversing two consecutive months of positive inflows. Liquidity keeps shrinking. As the largest crypto exchange, its stablecoin reserves have dropped from $51 billion in November 2022 to $44 billion. Binance's declining funds reflect the overall contraction of liquidity in the crypto market.