Has the most dangerous signal in the crypto world appeared? The truth behind the decline of stablecoins

Many times, the truly dangerous signal in the market is not a sharp plunge.
But:
Liquidity gradually disappears.
A decline in stablecoin reserves is such a signal.
Because, in essence, stablecoins are the "cash pool" in the crypto world.
The larger it is, the easier the market is to surge wildly.
The smaller it is, the more likely volatility will spiral out of control.
Recently, after stablecoins decreased, the market has already shown obvious changes.
Trading volume has started to decline.
Altcoin rotation has slowed down.
Many projects' popularity has rapidly faded.
Why?
Because there is no new capital coming in.
And all bull markets in crypto are essentially driven by one phrase:
There are still people to take over.
Once stablecoins decrease, it indicates that the number of off-market spectators has shrunk.
The market will begin to enter:
Stock competition.
And the biggest feature of the stock market is:
Only the leaders can stay comfortable.
BTC is sucking blood.
ETH is defending the ecosystem.
Other projects are starting to compete internally.
But in the long run, this may not be a bad thing.
Because a truly healthy market shouldn’t rely on unlimited liquidity to sustain itself.
After the bubble deflates, only truly valuable things will remain.
So, now that stablecoins are decreasing, it’s more like the market is entering:
The "de-bubbling" phase.
The era of financing through slogans may be coming to an end.
In the future, the competition will be:
Real revenue, real users, real ecosystems.