There is a saying that "rising water lifts all boats". The water in the financial market is the amount of funds. Only the amount of funds can drive prices up, so the most critical indicator for judging market trends is the growth of funds. Specifically for our crypto circle, it is the supply of stablecoins. The crypto market has recently fallen into a bear market and cannot extricate itself. The main reason is the lack of incremental funds. In other words, the supply of stablecoins has not increased but has fallen, which determines the current bear market state of the market.