Just got back from my hometown last night, and I just went through various data. Although the market is quiet, some data has actually recovered quite a bit compared to before: 1. The total amount of stablecoins had previously pulled back significantly, but now it’s back to historical highs. Where did this money go? 2. Although the rate cut expectations are still unclear, the 10-year Treasury yield has dropped significantly recently. 3. Dollar liquidity has also gradually recovered a bit.