DeFiLlama still shows about $315B in USD stables outstanding, with Ethereum and Tron alone holding roughly $247B, so the important check is where that dry powder parks after the BTC puke. If USDT/USDC balances sit on CEXs while BTC OI and funding reset, this looks more like a leverage unwind plus sector rotation than investors wiring money out for SpaceX allocations. The ugly version is stables chasing synthetic pre-IPO books and thin perps instead of spot crypto, turning crypto venues into the order-flow layer for TradFi FOMO.

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