A few days ago, we discussed that the peak of the April tax season has passed, and liquidity has shifted from tightening to marginal improvement (no longer significantly pumping, but stabilizing slightly), which is a good thing for the market. The situation observed in the past two days: 1) The peak of the tax season in mid to late April should have been when liquidity tightened, but USDT saw a significant increase in issuance during those two weeks, with one week adding nearly $40. Recently, there has been little change in the issuance of USD T, but USDC has rebounded. The issuance of USDC has increased by up to $1 billion in the past week. 2) Then this week, there were continuous net inflows for three trading days and the Big Cake ETF. For assets that are sensitive to liquidity, such as pancakes, changes in liquidity should be the best leading indicator based on their trends. 1) Changes in US dollar liquidity, especially changes in bank reserves; At the beginning of March, here is https://(x.com)/qinbank/status/2029816341361025505? S=46&t=k6rimWs Ebo2D2TXolYcM-A, we have also talked about it 2) Changes in the issuance of stablecoins; 3) Net inflow and outflow of Da Bing ETF