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#美国政府停摆 The recent liquidity contraction triggered by the U.S. government shutdown is indeed worth following. From on-chain data, the outflow of funds from major exchanges has significantly increased, while inflows have decreased. This may be due to market participants' concerns over short-term risks. At the same time, the total market capitalization of stablecoins has seen a slight decline, reflecting some funds withdrawing from the crypto market. However, based on historical experience, this liquidity contraction is often temporary. Once the government reopens, the frozen fiscal expenditures will be released, which is expected to inject new liquidity into the market. It is advisable to closely monitor changes in the U.S. Treasury market and the issuance of stablecoins, as these indicators may signal a turning point ahead of price movements.