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According to official data reported by Jinse Finance, in the 7 days ending October 23, Circle issued approximately 6.2 billion USDC and redeemed about 5.6 billion USDC, resulting in a net increase of around 600 million USDC in circulation. The total USDC circulation stands at 76.4 billion, with reserves of about $76.7 billion, including approximately $9.9 billion in cash and $66.7 billion held in the Circle Reserve Fund.

ChainCatcher News, Glassnode posted on social media that the illiquid supply of bitcoin has started to decline, with about 62,000 BTC moving out of long-term dormant wallets since mid-October. When illiquid supply decreases, more tokens enter the circulating market. If there is a lack of strong new demand, the upward price trend will face greater resistance. In this cycle, illiquid supply was originally an important driving force, but the recent reversal has broken this trend. Historically, similar supply inflows have often weakened market momentum—there was a larger outflow of 400,000 BTC in January 2024. Although the current change is relatively mild, the trend is worth paying attention to. Interestingly, whale wallets have continued to accumulate during this period. Over the past 30 days, whale holdings have steadily increased, and there has been no large-scale sell-off since October 15. The largest and most sustained outflows mainly come from wallets holding 0.1-10 BTC (equivalent to assets of $10,000 to $1 million). This group has maintained a net selling trend since November 2024. Momentum traders have basically exited, and bottom-fishing funds have not generated enough demand to absorb the selling pressure. As first-time buyers remain on the sidelines, this supply-demand imbalance will continue to suppress prices until stronger spot demand emerges.