One in every nine dollars sitting in crypto isn't actually crypto — it's just fiat, tokenized on-chain. Stablecoins now make up over 11% of total market cap. That's wild when you think about it. We've basically recreated the dollar system inside blockchains. Makes sense mid-cycle though. People park profits in $USDT or $USDC when things get choppy, wait for the next leg. It's liquidity sitting on the sidelines, ready to rotate. Watch stablecoin supply — when it starts flowing back into $BTC or alts, that's your signal the next move is brewing.