In the past three weeks, stablecoin issuance has decreased by another $2.2 billion, and the big daddy ETF is still seeing continuous net outflows. Looking at USD liquidity, in the week leading up to June 17: the TGA averaged $880.7 billion, up about $52.6 billion from the previous week; during the same period, bank reserves averaged $3.033 trillion, down about $47.3 billion from the previous week. But on June 17 itself, the TGA suddenly surged to $956.5 billion, while bank reserves suddenly dropped to $2.936 trillion (likely due to the Treasury issuing a large amount of debt that day, pulling nearly $100 billion out of bank reserves). Currently, bank reserves have actually fallen back to $2.93 trillion, and liquidity remains sluggish. Looking ahead to the next week or so until the end of June, based on the Treasury's previous plan for a TGA target of $900 billion, there’s a possibility of the TGA releasing and falling back: if the TGA releases $50 billion, reserves could rise to $2.98 trillion or close to $3 trillion. However, the Treasury's debt issuance plans haven’t stopped, especially with a significant amount of short-term debt scheduled for issuance on the last day of the month. Three weeks ago, on the morning of June 1, we talked about overall liquidity weakening, major stablecoin outflows, and significant ETF outflows, which would put further pressure on the big daddy’s price. Over the next few days, the big daddy dropped as much as $15,000 (from $74K to $59K). So far, there’s still no sign of a significant recovery in overall liquidity.