According to CoinMeta, based on early data from in, Federal Reserve of New York figures show that on August 28th, the trading volume of overnight repurchases at the SOFR underlying level dropped to 2.808 trillion US dollars, which is a decrease of about 20% from the high of 3.508 trillion US dollars on January 2nd, and a year-on-year reduction of 2.2%. The SOFR interest rate was 3.65%, with the 99th percentile at 3.73%. As of August 25th, CFTC data indicated that the number of short positions in 10-year US Treasury futures by leveraged funds decreased by about 130,000, while the number of short positions in 5-year bonds increased by about 72,000. The decline in trading volume is not sufficient to prove a comprehensive closing out of basis trading or a rapid withdrawal of demand for US Treasuries.