USDC issuance has fallen below $70 billion, which may be the reason for CRCL's recent continuous decline. With such large fluctuations in the US stock market, many in the crypto community are trading US stocks, but there's no wealth effect. Ask anyone in the crypto community who used to trade US stocks: have they made money recently? If they haven't made money, no one will continue to buy USDC for investment. The current market is still consuming the existing crypto market supply, and this supply is decreasing due to various exchange fees. Therefore, even though many tokens are traded in USDC pairs, new funds haven't entered the market. Plus, USDC is very efficient, and it seems that the new market supply can be met by USDC alone. This has led to CRCL's USDC issuance, like Bitcoin's, continuously declining. Bitcoin is now largely untouched; trading volume is low, and volatility is also low. MSTR has also been removed from the index. If CRCL wants to maintain a continuous increase in USDC issuance, it will need to rely on other channels. This process may be lengthy, but I believe the outcome is certain.