Even stablecoins are being withdrawn from the market, suggesting their funds are being redirected elsewhere. Notably, the inflows and outflows of stablecoins are closely correlated with market price movements. Cash In → Market tends to rise (As seen on the chart, the cash inflow starting around April 2 coincided with BTC’s rise from $65,000 to $83,000.) Cash Out → Market enters a correction phase (Cash outflows began in early May, and BTC has since declined from $83,000 to its current level.) As previously warned, the current cryptocurrency market is experiencing liquidity drawdowns due to major events such as large IPOs by U.S. corporations and the World Cup. I believe meaningful and sustained capital inflows into the cryptocurrency market are unlikely until mid-second quarter at the earliest.