It looks like September is a water pumping month, so let's hold onto some of the U, Let me briefly explain when liquidity will return Firstly, the borrowing guidance for the fourth quarter provided by the Ministry of Finance has decreased to $590 billion, far lower than the third quarter. From the perspective of treasury bond supply alone, the pressure has eased marginally since October, but it does not mean that there is water injection. On the other hand, the physical redemption mechanism for ETFs approved at the end of July will enter the landing and adjustment period for various funds and exchanges from August to October. This means that the mechanical selling impact on the market caused by ETF redemptions is gradually weakening. So October is a month of reduced selling pressure, and there may not be strong capital inflows, but the rise is definitely guaranteed. Unless unexpected, November should be the month when the cryptocurrency market takes off. With the end of the pumping and the fading of regulatory constraints, the funding chain will at least be very healthy. Then, as a channel for traditional institutional funds to enter cryptocurrency, compliant US dollar stablecoins will rapidly expand. The market value of stablecoins will have a significant increase in November, and the market and even altcoins will have a good settlement depth and market price.