Today's panic index is 55, indicating a shift to a greedy state.

M2 is at a new high, and the supply of stablecoins continues to rise. However, since mid-August, the price of Bitcoin has been on a steady downward trend, falling from a high of $124,000 to around $107,000. This decline has not been accompanied by the liquidation of stablecoins, indicating that market participants, whether retail or institutional, are currently choosing to hold cash and await the right moment to enter the market rather than making immediate purchases.

The data does not suggest market weakness, but rather a calculated 'wait-and-see' strategy. Liquidity is in place and ready to enter, but the market is still waiting for a spark. If this liquidity is activated, Bitcoin and Ethereum could continue to reach new highs.