Recently, with so many positive news, why isn't the market rising? The core reason is quite simple: the market has no money. From the perspective of capital inflow, the active funds in the market are clearly much less than during the bull market of 2021, and the speed of new funds entering the market is also much slower. Looking at the supply of stablecoins, both USDT and USDC are significantly less than during the peak of the 2021 bull market. This indicates that the market lacks sufficient liquidity, and the biggest reason behind this is the Federal Reserve's monetary policy, especially the impact of high interest rates.

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