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ChainCatcher news, Real Vision co-founder and CEO Raoul Pal posted that the Federal Reserve is very likely to be forced to "fix the pipes" this week to prevent a liquidity crisis at the end of the month or year. Crypto now resembles a squeezed financing tool, with prices reflecting the discounts caused by burst pipes; U.S. stocks are temporarily supported by buybacks and year-end ranking battles, but if the problem is not resolved immediately, the script of 2018/19 could repeat at any time. The deeper battlefield is at the Treasury: the Treasury now hopes to control liquidity through banks (increasing lending benefits ordinary people), rather than relying on the Federal Reserve's quantitative easing policy. This allows fiscal policy and monetary policy to remain aligned under the key goal of stimulating ordinary people, while also enabling Wall Street to benefit from currency depreciation, thereby increasing collateral value. The benefits of quantitative easing do not trickle down to ordinary people. Liquidity management has now become a political game, rather than a monetary policy game. Raoul Pal concluded that U.S. policymakers will first fix the pipes, then open the floodgates; asset inflation is only delayed, not absent.

According to Jinse Finance, data from DeFiLlama shows that as of now, there are only four protocols in the entire DeFi ecosystem with a TVL (Total Value Locked) exceeding $10 billion. They are: Aave (approximately $31.059 billion), Lido (approximately $26.481 billion), EigenLayer (approximately $12.656 billion), and a certain exchange's staked ETH (BETH) (approximately $10.848 billion). As the market pulls back, the TVL of most protocols has declined to varying degrees, further shrinking the membership of the “$10 Billion TVL Club.”