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$BTC unstable? Stablecoin liquidity pools have shrunk by nearly $15 billion! CryptoQuant analyst pointed out on X: From May this year until now, the total market cap of stablecoins in the crypto market has dropped from about $280 billion to $266 billion, shrinking by nearly $15 billion, a decline of about 5%. Before this, the stablecoin market size basically remained flat from October last year to May this year, with new inflows not being sufficient, and now it has further contracted. Stablecoins are, to some extent, the "cash reserves" of the crypto market. Continuous growth in size usually indicates that off-exchange funds are entering and waiting to buy; conversely, a decline in market cap often means increased redemptions, funds leaving, or investors temporarily unwilling to stay on-chain. This further explains why $BTC, even after stabilizing, still struggles to rebound. Price stabilization only indicates that selling pressure has temporarily eased; if stablecoin supply, spot trading volume, and active buying do not simultaneously recover, the market will still be dominated by existing funds competing. At this time, rallies are more likely to become short-term rotations, and sustainability will be discounted. Of course, a decrease in stablecoin market cap cannot be directly equated with an equal amount of funds leaving, nor can this single indicator alone determine that BTC will definitely fall. Therefore, it is necessary to continue focusing on whether stablecoins resume growth, net inflows to exchanges, spot trading volume, and ETF fund changes. Before liquidity expands again, remain cautious about rapid rebounds and avoid blindly chasing highs. #现货ETF资金回流，BTC与ETH能否接力？ #CPIToResetFedBets #AIMemorySelloffEases #BTCETHETFInflowsReturn