On April 10th, according to OKG Research analysis, as of the latest data of the US Treasury (April 8th), the balance of TGA (general account of the Ministry of Finance) fell from 405.786 billion US dollars at the beginning of the month to 309.989 billion US dollars, and the cumulative release of liquidity was 95.79 billion US dollars, and the rate of water release was 3.18 times that of the same period in March. This behavior is regarded by the market as an "invisible version of fiscal easing", providing short-term support for risk assets. On-chain data level, since 2024, the global stablecoin market has broken through 235 billion dollars at a growth rate of 80.7%. Stablecoins are more like a "simplified version" of monetary instruments in shadow banks. When these companies issue stablecoins, they are actually injecting liquidity into the crypto economy. The "resonance" between the release of fiscal liquidity and the rhythm of US dollar issuance on the chain provides additional liquidity support in the case of limited liquidity space, providing impetus for short-term risk appetite repair. It is worth noting that from the perspective of monetary policy, if the Federal Reserve continues to stay put, the space and rhythm of the release of fiscal liquidity and the release of crypto liquidity issued on the chain will become important variables in the new round of asset price fluctuations.