Markus Thielen, founder of 10x Research, said that although the unwinding of yen carry trades may have paused, stabilizing risk assets including Bitcoin, the slowdown in U.S. consumer borrowing remains a problem. Total U.S. credit balances increased by $8.9 billion in June, lower than the expected $10 billion, and credit card debt decreased by $1.7 billion, the largest drop since the beginning of 2021. The credit card delinquency rate reached 10.93%, the highest since 2012, and the auto loan delinquency rate also reached 4.43%, the highest since 2021. Thielen pointed out that these factors indicate that the borrowing capacity of U.S. consumers has reached its limit, which may pose a challenge to the cryptocurrency market. In addition, uncertainty in the U.S. election, economic slowdown and the decline in the craze for artificial intelligence are also potential risks. (Coindesk)