According to ChainCatcher, Markus Thielen, founder of 10x Research, said that although the unwinding of yen carry trades may have paused, stabilizing risky assets including Bitcoin, the slowdown in U.S. consumer lending remains a problem.

Total U.S. credit balances increased by $8.9 billion in June, lower than the expected $10 billion, and credit card debt decreased by $1.7 billion, the largest drop since the beginning of 2021. The credit card delinquency rate reached 10.93%, the highest since 2012, and the auto loan delinquency rate also reached 4.43%, the highest since 2021.

Thielen pointed out that these factors indicate that the borrowing capacity of American consumers has reached its limit, which may pose a challenge to the cryptocurrency market. In addition, the uncertainty of the US election, the economic slowdown and the decline of the artificial intelligence boom are also potential risks.