The outflow of $10 billion in stablecoin capitalization since May is, for me, the necessary adjustment before we see real demand in the market again. When I see that $7.7 billion left in June, I understand that large operators are looking for dollar liquidity or reducing exposure in the absence of sustained volatility—but this is not a scenario of systemic panic like the one I dealt with in May 2022. The headlines focus on the drop, but they forget that the market always flushes out leverage excess before it seeks a solid bottom. Right now, I’m operating $BTC under the thesis that if stablecoin liquidity stabilizes, the current price pullback is an opportunity to accumulate in the 62k zone. The on-chain flow shows that capital isn’t leaving the ecosystem; it’s migrating to more conservative yield instruments within the network. My strategy for the next 72 hours is to keep the long on $BTC while the 60k support is not lost on a daily close. If $ETH loses the $3,300 level, I’ll consider that the short-term setup is invalidated and I’ll close positions. Key data: The $7.7 billion reduction in June is the highest since the collapse of the Terra ecosystem, but the liquidation volume of leveraged positions on exchanges has decreased by 15% versus last week, according to Coinglass data.