$2.5 billion in stablecoins redeemed in one week: $USDC down $1.6 billion, $USDT down $900 million. This isn’t rotation, it’s an exit. As soon as the FOMC’s hawkish stance landed, institutions worked overnight to swap non-yielding stablecoins for 5% treasury bonds. ETF inflows in July hit a historic low, treasury companies’ fundraising has stalled, and both money pumps have stopped simultaneously. What’s left in the market is just existing funds cutting each other up. The 'final illusion' I mentioned? The data has already confirmed it. $BTC