On April 10, according to OKG Research analysis, as of the latest data from the U.S. Department of the Treasury (April 8), the TGA (General Account of the Treasury) balance fell from US$405.786 billion at the beginning of the month to US$309.989 billion, releasing a cumulative liquidity of US$95.79 billion, and the water release rate was 3.18 times that of the same period in March. This behavior is regarded by the market as "invisible version of fiscal easing", providing short-term support for risky assets. At the data level on the chain, since 2024, the global stablecoin market has exceeded US$235 billion at a growth rate of 80.7%. Stabiloins are more like a "simplified" monetary instrument in shadow banking. When these companies issue additional staboins, they actually inject liquidity into the crypto economy. The "resonance" between the release of fiscal liquidity and the pace of additional US dollars in the chain provides additional liquidity support and provides impetus for the restoration of short-term risk appetite when liquidity space is limited. It is worth noting that from the perspective of monetary policy, if the Federal Reserve continues to remain inactive, the space and rhythm of fiscal liquidity release and the additional issuance of liquidity release from encryption on the chain will become important variables in the new round of asset price fluctuations.