Another perspective on stablecoins: the short-term cycle structure of mainstream coins has just flipped to bearish, and the market performance is relatively weak.

Observation within the same time window: a builder from a leading blockchain ecosystem is actively promoting the narrative heating up of the ecosystem sector; a core project is also brewing an optimization of the fee mechanism.

It may be necessary to acknowledge a reality—local highs (regarding stablecoins and risk assets rotation) may have already been established. Pay attention to signals from the short-term structure; the market rhythm is switching.