The US dollar index remained above 103, and the 10-year US Treasury yield remained high.

Judging from the replenishment of the TGA account, it is currently 400 billion. The Treasury's purse still needs a lot of bonds to replenish it. The Federal Reserve's balance sheet is still shrinking. This shows that it will take some time to maintain high interest rates and a strong dollar to achieve the Treasury's requirement of 1 trillion.

As can be seen from the last picture, a large-scale deposit transfer is taking place in the U.S. banking industry, with American people moving their low-interest bank deposits to higher-yield T-Bills (short-term U.S. Treasury bonds) or money market funds.

You can microcosmically translate this large-scale transfer of deposits in the U.S. banking industry into the cryptocurrency field, where people transfer uncertain and high-risk altcoins or relatively more stable BTC to short-term U.S. Treasuries with higher certainty and risk-free yields. Whether it is MKR's #RWA model or exchanging on-site stablecoins for U.S. dollars and transferring them to money market funds, the withdrawal of market funds is like

The gap in the chart is getting bigger and bigger. The capital outflow in the market is getting more and more serious, and the final market phenomenon is just like now!