Does today's market look a bit alarming? Bitcoin has fallen below a key level, and Ethereum is also experiencing a Long Wick Candle; the group is filled with debates about Cut Loss and buy the dip.

But to be honest, everyone is focusing on those candlestick charts, which may lead to a biased direction. What really deserves attention is the circulation of USDC - it directly evaporated 500 million USD in the past week. The meaning behind this number is more worthy of contemplation than any bearish candle.

Many people think that the decrease in stablecoins is a sign of retail investors retreating, but that's not the case at all. USDC has always been a barometer for institutional funds. A reduction of 500 million in a week indicates that those Wall Street funds, quantitative teams, and large market makers are simultaneously pulling back.

I learned from a few friends in the circle that during this gap, a certain grayscale-level fund liquidated a third of its crypto holdings, three leading market makers directly cut the market depth in half, and a bunch of medium-sized DAO organizations also withdrew funds from the on-chain treasury.

This collective action is not accidental. When institutions start to turn off the tap, market liquidity quickly tightens. The price fluctuations that retail investors see are often just the surface; the real risk lies in—when the big money retreats, who is still swimming naked?

So what we need to do now is not to blindly buy the dip or panic cut losses. Instead, we should first understand the flow of funds and see what these institutions are doing. Market sentiment can be deceiving, but the movement of funds cannot. The disappearance of 500 million USDC is the most honest signal.