According to CoinMeta, as analyzed by analyst darkfost, since May, the total market value of stablecoins has decreased from approximately $280 billion to $266 billion, a reduction of nearly $15 billion. From October last year to May this year, market liquidity inflows stagnated, and the current demand for Bitcoin has not recovered. The decline in the market value of stablecoins has led to a loss of market liquidity, which has hindered the rebound in Bitcoin prices.