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In one week, USDC net redemptions were about $1.6 billion, USDT net redemptions were about $900 million. A total of $2.5 billion stablecoins exited the market. This is not just portfolio rebalancing, this is capital directly leaving the market. After the hawkish FOMC, institutions would rather buy U.S. Treasuries yielding close to 5% than continue holding non-yielding stablecoins. At the same time, ETF inflows have slowed, and treasury company financing has cooled down. The two largest incremental capital engines have both started to hit the brakes. Going forward, the market competition is not about stories, but about whose cash flow is stronger. BTC may be entering a true stock competition phase.#30YYieldAt19YHigh #AMZNMissesButRallies #MSFT450BInADay