Is the market really in a bear phase? Here's one indicator — the interest rates on stablecoin investments. I used to check @okxchinese's Simple Earn for the annual yield on USDT/USDC. When the market was hot, there were occasional borrowing frenzies, with rates shooting up to 40-60%. When the market was bad, it would drop close to 1%. The most memorable time was the bear market in 2019. The entire market had zero opportunities to make money, and holding stablecoins felt completely useless (back then, there weren’t even U cards). Now people are saying it’s a bear market, but you’ll notice @buidlpad is still offering 8% yield products, @justinsuntron (Justin Sun) is still pushing 20% stablecoin subsidies, Binance has 4.5% annual yield on BFUSD and 3.86% on RWUSD, and there are still relatively high-yield DeFi options on other chains, though fewer than before. So maybe the market is relatively cold right now, but it hasn’t reached deep bear territory yet. Or perhaps, with the industry’s development, we won’t see another dead-sea-like bear market like 2019? Stablecoin total supply is still at a high level, and plenty of people are holding U, waiting for the right moment. Let’s just chill and wait it out for now.