[Founder of 10x Research: The slowdown in US consumer debt growth suggests that the ramp from fiat currency to cryptocurrency will continue to be limited]

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Markus Thielen, founder of 10x Research, said that according to data released by the Federal Reserve on Wednesday, total outstanding credit increased by $8.9 billion in June, compared with an upwardly revised $13.9 billion in May, below the consensus estimate of a $10 billion increase. This was mainly due to a rare negative growth in credit card debt and a surge in delinquencies, which foreshadowed a collapse in personal savings rates. "This is significant for cryptocurrencies because it suggests that the on-ramp from fiat currencies to cryptocurrencies will continue to be limited as the spending power of the US consumer has reached its limit," Thielen said in a note to clients. Although the reversal of the yen carry trade may have paused on Monday, stabilizing risk assets including Bitcoin, other risks remain, such as a slowdown in US consumer borrowing.