Markus Thielen, founder of 10x Research, said that according to data released by the Federal Reserve on Wednesday, the total amount of outstanding credit increased by $8.90 billion in June, compared with $13.90 billion in May, which was lower than the consensus estimate of $10 billion increase. This was mainly due to a rare negative growth in credit card debt and a surge in delinquencies, indicating that the personal savings rate is collapsing. In a note to clients, Thielen said: "This is significant for cryptocurrencies because it shows that the on-ramp from fiat to cryptocurrencies will continue to be limited as U.S. consumers' spending power has reached its limits. Although the reversal of the yen carry trade may have been suspended on Monday, stabilizing risky assets including bitcoin, other risks remain, such as a slowdown in U.S. consumer borrowing."