According to CoinMeta, the supply of stablecoins has decreased by $14.2 billion over the past 30 days, representing the largest decline since June 2022. This change has weakened the momentum for a rebound in the crypto market, as market participants are exchanging stablecoins for US dollars and withdrawing from the market. According to data from Glassnode, the current decline in the liquidity of stablecoins may affect future market sentiment.