The Binance Research Institute's stablecoin report also validates my previous idea. First, let's take a look at the data: 30% of Binance users allocate over half of their assets to stablecoins, compared to only 4% in 2020. Six years have passed, and this curve has remained upward without any correlation with the BTC cycle. This set of data has not fallen back in the bull market, indicating that the behavior of holding stablecoins has already departed from the transitional attribute of "convenient trading" and become a "destination". Some users experience significant premiums when purchasing stablecoins on Binance using their domestic fiat currency. Especially in countries with hyperinflation, the average premium reaches 62%. That is to say, they know they have overpaid by 60% according to the official exchange rate, but still want to exchange. No one would pay 62% of the cost for the sake of "facilitating transactions", what they pay is the ticket money to exit the local currency system; The pricing is based on the expectation of currency depreciation and strong capital controls. So, for a significant portion of users worldwide, stablecoins serve as a savings account. I once proposed a viewpoint: do not assume that funds are entering the market to buy at the bottom just because the balance of stablecoins on the exchange is rising. The increase in balance may not be motivated by the market situation. For example, as mentioned above, the demand for savings driven by the instability of the local currency and financial exclusion. The purpose of depositing this portion of money is to 'hold' it, not to wait for an opportunity to enter, and it does not constitute a potential buying opportunity. But conversely, if the balance decreases, it becomes even purer. Because the characteristic of savings funds is high stickiness, there is no reason to withdraw this money in bulk. So when the balance shows a significant decline, it is highly likely that another portion of the active funds that truly participate in trading have flowed into other markets. For example, recently being sucked by the US stock market, the decline in the balance of stablecoins on the exchange corresponds to the migration of such funds. In other words, stablecoin savings make this indicator unilaterally effective: when it rises, the signal is diluted (unless the upward curve suddenly becomes steeper); Falling is truly worthy of our vigilance.