Recent observational data shows that the amount of funds transferred to the exchange in USDT has not achieved sustained growth, barely maintaining around the average line level. This phenomenon clearly reflects a significant cooling of market purchasing enthusiasm, in stark contrast to the active market atmosphere of last year.

A similar trend is also reflected in the data statistics of USDC. Although the shrinkage of funds does not appear to be significant on the surface, considering the dominance of North American and European investors in the cryptocurrency market, the usage rate of USDC in these regions is generally higher than that of USDT. Compared to the data from two or three months ago, the inflow of USDC has also seen a notable decrease, which may be one of the key factors leading to the recent decline in Bitcoin's purchasing power.

This stablecoin liquidity trend is worth close attention from market participants, as it may signal a broader shift in market sentiment. Ethereum and Bitcoin, as market leaders, often have their performance closely tied to these underlying capital flow indicators.