Market liquidity may not be as pessimistic

Since December 20, the total supply of USDT has decreased by more than 1.5 billion, while the supply of USDC has increased by more than 1.4 billion. The decrease in USDT is quite close to the increase in USDC.

Interestingly, the timing of the decrease in USDT supply is also quite close to the time of the USDC issuance. It feels like this is not just a mere coincidence, but may indicate that some large funds have converted their USDT into USDC. If this is the case, the liquidity situation in the crypto market is not as pessimistic as previously thought.