[Analysis: Stablecoin Outflows Persist, Bitcoin Faces Liquidity Pressure] According to BIT analysis, although the market is currently focused on the potential decline in Strategy buying strength, two rules remain crucial in the crypto market: following the trend and tracking capital flows. When liquidity reverses, it often signals a shift in the market environment, and the risk of bottom-fishing too early becomes extremely high. During this bull market cycle, the monthly change in stablecoin supply had consistently remained positive, but the market is now experiencing a second wave of stablecoin outflows. Over the past 30 days, the net outflow has reached approximately $5 to $6 billion. The slowdown in capital inflows, combined with rising volatility, has significantly weakened the liquidity environment's support for the market. This not only puts pressure on crypto assets but also impacts stablecoin issuers. As a result, the current phase of consolidation and turbulence may persist until capital outflows show signs of recovery.