Glassnode posted on Twitter that the number of BTC currently held by US entities has decreased by 11% compared to June 2022, while the number of active investors in Asian trading hours has increased by 9.9% during the same period, which is very different from the 2020-2021 bull market cycle. In terms of stablecoins, the circulating supply of USDT has recently hit a record high, and the circulating supply of USDC and BUSD has fallen to a multi-year low. Since stablecoins are non-interest-bearing, this shows that as regulatory pressure continues to increase, the activity of US market funds in digital asset investment has declined.