Wu said that according to Kaiko data, Bitcoin fell slightly more than 4% last week, and the selling volume on almost all exchanges exceeded the buying volume, among which Binance and Bybit had the most selling activities; measured by 1% market depth, the liquidity of Meme tokens has doubled since the beginning of the year, hitting an all-time high of US$128 million in early June, and then fell slightly; after the won trading volume briefly exceeded the US dollar in the first quarter of this year, the won trading volume slowed significantly in the second quarter, and the weekly trading volume of the four major Korean exchanges (Upbit, Bithumb, Coinone and Korbit) fell from an average of US$35 billion in the first quarter to US$6 billion in early June; the Bitcoin bid-ask spread on major US exchanges has narrowed significantly, indicating that liquidity has improved, such as the Coinbase spread has dropped from more than 1 basis point to 0.3 basis points; after Bybit launched multiple USDe trading pairs last week, it set the best 24-hour trading volume in USDe history.