Bearish outlook linked to shrinking USDC issuance

USDC issuance has fallen below $70 billion. This may be the reason for CRCL's continuous decline recently. Despite the significant volatility in US stocks, crypto enthusiasts are all trading US stocks. However, there is no wealth effect. Ask those who used to trade US stocks within the crypto circle: Have they been making money recently? No. If no one is making money, no one will continue buying U to invest. The current market is still consuming the existing stock within the crypto circle. And this stock is shrinking further due to various fees extracted by exchanges. Therefore, even though many tokens use USDC trading pairs, incremental capital has not entered the market. Moreover, USDC is highly efficient, suggesting that the limited new market liquidity might suffice for usage. This leads to the current situation where CRCL's USDC issuance and Bitcoin's price action are both continuously declining. Bitcoin currently lacks participants; trading volume is inactive, and volatility is low. MSTR has also been removed from the index. If CRCL wants to maintain continuous USDC minting, it must rely on other channels. This process may still be lengthy, but I believe the outcome is certain.