The case is solved: a large-scale migration from payment-focused stablecoins to yield-bearing stablecoins has caused significant market value changes in USDC! I decided to do it myself instead of relying on others, and after checking the data, it turned out exactly as I suspected. USDC has experienced massive net outflows for two consecutive days, while the total market value of stablecoins remained unchanged. This doesn't mean real outflows, but rather a shift in capital, as investors are seeking stability without yield. I checked the data from the same data platform for the recent days, and the most significant changes were in USDC and USD1: - January 22 to January 23: USDC had a net outflow of $714 million, while USDe's market value increased by $122 million. This was a day of significant net outflow for USDC. - January 23 to January 24: USDC had a net outflow of $832 million, while USD1 increased by $1.063 billion. Over the three-day period, the main payment-focused stablecoins saw the following changes: - USDT (a major stablecoin) had a net outflow of $177 million. - USDC had a net outflow of $1.546 billion. - Yield-bearing stablecoins saw the following increases: - USDe: $111 million. - USD1: $963 million. - PayPal USD: $70 million. Although this capital movement is better than a pure outflow, it's not much better. The shift from payment-focused to yield-bearing stablecoins suggests that institutions or large investors have no short-term trading or buying intentions, so they are opting for yield-bearing stablecoins to earn interest. Moreover, the fact that USDC is experiencing real net outflows means there are fewer traders, or that current USDC users are not optimistic about the market outlook, with reduced investment intentions. This is not a positive sign for the future of BTC. Of course, capital flow data is lagging and should only be used as a reference. It cannot be used as a forward-looking indicator to judge whether the market will improve next week. However, as the market improves and capital returns, it can be seen as a sign of market confidence.