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One thing I’ve been noticing is that $BTC doesn’t seem to lack buyers, it’s lacking fresh liquidity to push the price meaningfully higher. Over the past two months, USDT’s market cap has dropped by nearly $4 billion, while USDC has also contracted by almost $1 billion in the last 30 days. When stablecoins leave the market, the amount of capital ready to buy also shrinks. That may explain why recent BTC rebounds have been relatively sharp but also quick to stall. There’s underlying support, but not enough new capital to absorb selling pressure and establish a stronger trend. Interestingly, in the past, periods of significant stablecoin contraction often occurred when market sentiment was already quite pessimistic. This doesn’t necessarily mean BTC will continue lower, it simply highlights that liquidity is currently thin and the market needs additional catalysts to break out. Perhaps what the market needs right now isn’t a long green candle, but rather capital flowing back in.