In terms of the cryptocurrency market, with the gradual tightening of prices and the reduction of volatility, the bitcoin market appears to be getting closer to breaking the current equilibrium state. Because long-term holders sell more. Right now, the market doesn't appear to have any strong momentum driving it in either direction. Prices have fallen back to the cost basis for short-term holders and reset some unrealized profit or loss indicators. With the passage of the U.S. debt ceiling bill by the Senate, this temporarily released a favorable signal for the risk market. As for how to raise the debt ceiling in the second half of the year and how to drain market liquidity, that is not a current consideration. At least in the short term, there is a certain degree of market panic. release. Bitcoin is currently unable to keep up with the pace of U.S. stocks. U.S. stocks continue to rise, but the volatility of Bitcoin is not considerable, and U.S. stocks have fallen even more, and Bitcoin has fallen even more, just like a stock of funds has been silently smashing the market. The same is true from the perspective of stablecoin trends. USDT inflows have begun to decrease, while USDC outflows have not weakened. USD assets represented by USDC continue to flow out. It shows that US dollar funds are still running away, while the incremental funds are gradually decreasing, which shows that the situation in the market is not optimistic, and there may be certain risks for the market outlook. The weakness of the currency circle is due to the uncertain macro environment on the one hand, and on the other hand, it is also due to the fact that Layer 2 has not had much innovative concepts recently. The BRC20 that was popular before just imitated the gameplay of ERC20.