Checked out Backpack's reserve data today, and something strange caught my eye. The combined USDT and USDC reserves are only 23M now, compared to the previous peak of 100M. But since May 25, 2025, stablecoins have dropped significantly, while BTC reserves have increased from 21M to 96M. Such a weird shift. Two possibilities: either some big arbitrage players swapped their collateral from stablecoins to BTC, or the exchange converted customers' stablecoins into BTC. Anyone in the know care to share? HYPE BACKPACK