The bear market drags on, and stablecoin supply is the most direct indicator. The total supply of stablecoins continues to decline, with no signs of increase. In July, the total stablecoin supply dropped from $302.5 billion to $298.7 billion, marking the third consecutive month of decline. The current reduction in stablecoins suppresses short-term rebounds, increases resistance to upward movement, and makes it harder for a potential bull market to kick off quickly. This reflects a decrease in risk appetite and partial capital outflows. After peaking at $320 billion in May 2022, stablecoins began to contract. In June alone, the supply dropped by about $7.7 billion, further falling to around $300 billion by July-August, with a net decrease of approximately $13 billion over 90 days. USDT: From ~$190 billion in May >>> $183 billion, down ~$6 billion. USDC: From ~$80 billion in March >>> $72.2 billion, down ~$7 billion.