In the crypto sector, stablecoins are rapidly gaining traction as a potential source of demand for short-term U.S. Treasuries. Their issuers need to back their tokens with liquid reserves, including Treasury bonds. With the expected trillion-dollar increase in the supply of treasuries by the end of the year, it is the issuers of stablecoins that could play the role of new large buyers.Regulation of the sector is also accelerating, influencing the growth of the industry and linking it to the field of traditional finance.Against this background, bitcoin is consolidating under the all-time high, showing resilience and reducing selling pressure. Bitcoin inflows to exchanges have fallen to below bear markets, indicating investors' willingness to hold the asset for the long term. Falling exchange balances reinforce expectations of liquidity shortages and a potential price spike.