The issuance of USDT has suddenly experienced a significant decline in the past two days (down $1.4 billion), while in the past month it has dropped from its peak by $2 billion, while the issuance of USDC has dropped significantly by $2.6 billion during the same period. Equivalent to $4.6 billion worth of stablecoins withdrawn from the market in the past month, is it possible that the reason for the significant decline in stablecoins is due to funds preparing to gamble on football as the World Cup approaches? Just a thought As of last week, bank reserves have also started to decline slightly, from $31300 in mid May to $3.06 trillion, for two reasons: 1) at the same time, the balance of the TGA account of the Ministry of Finance has risen to $849 billion (an increase of nearly $100 billion compared to mid May); 2) Another factor that people haven't talked about much about is the further slowdown of the Federal Reserve's expansion pace (RMP Reserve Management Purchase): from mid March to mid April, the RMP scale was $40 billion; From mid April to mid May, the Rmp scale was 25 billion US dollars; From mid May to mid June, the RMP scale was 10 billion US dollars. The increase in the scale of bond issuance by the Ministry of Finance has led to an increase in TGA, a slowdown in the pace of the Federal Reserve's RMP, and a weakening of overall liquidity. The most direct impact is a significant outflow of liquidity sensitive funds from the cryptocurrency market: stablecoins have experienced a significant outflow, and large cake ETFs have also experienced significant net outflows in the past two weeks. The price of the currency is naturally under further pressure This article is sponsored by @ bitget_zh, titled 'Bitget Buying US Stocks: Instant Entry, Smooth Trading'