CoinMeta data: According to the analysis by analyst Darkfost, the total market value of stablecoins has decreased by about $14 billion from its peak in May to subsequent lows, reflecting the pressure on liquidity in the crypto market. Since September, the market value of stablecoins has seen a slight recovery, increasing by about $4 billion, and is now back to around $270 billion, but it has not yet made up for the previous decline. Darkfost indicates that the liquidity flowing into the crypto market is still insufficient. Although the current trend seems to be starting to reverse, the recovery is still weak. To push Bitcoin towards new highs, more liquidity support is still needed.