It seems that September is a month for liquidity extraction. Let's hold onto some USDT for now.
I'll briefly mention when liquidity is expected to return.
Firstly, the Treasury has lowered its borrowing guidance for the fourth quarter to $590 billion, much lower than the third quarter.
From the perspective of Treasury supply, the pressure will start to ease marginally from October, but that doesn't mean there will be liquidity injection.
On the other hand, there is the ETF physical redemption mechanism approved at the end of July,
which will enter the trial period for various funds and exchanges between August and October.
This means that the mechanical selling pressure caused by ETF redemptions will gradually weaken.
Therefore, October is a month of reduced selling pressure; there may not be a strong inflow of funds, but an increase is certainly on the way.
If nothing unexpected happens, November should be a month for a breakout in the crypto space, with liquidity extraction ending and the effects of regulatory constraints dissipating, the funding chain will at least be very healthy.
Additionally, compliant USD stablecoins as a channel for traditional institutional funds entering crypto will rapidly expand, and the market cap of stablecoins is expected to see a significant increase in November, which will also lead to better settlement depth and price levels for both the main market and altcoins.