The market capitalization of stablecoins has reached a record high of $307.7 billion, with tokenized funds and real-world assets also hitting all-time highs. This indicates ample on-chain liquidity, but it has not yet been deployed into highly volatile markets. This accumulation of funds, coupled with a sharp decline in stablecoin supply, typically coincides with market bottoms, suggesting that a large amount of buy orders are waiting off-chain for clearer risk signals.