On July 18, CryptoQuant analysts pointed out that "stablecoin liquidity may limit the potential for a significant price increase in Bitcoin in the future. The stablecoin market cap has not yet fully improved, especially USDT, which is the key to further increase in Bitcoin price." The company added in a statement on Wednesday: "Despite some positive movements in the stablecoin market cap, USDT's market cap growth remains close to zero on a monthly basis, which still restrains the potential for further price increases in Bitcoin."