CryptoQuant analyst Darkfost said stablecoin inflows to exchanges have continued to decline since 2025 and have fallen to their lowest level in that period. According to PANews, the average monthly inflow of USDT and USDC is about $2.3 billion, while the annual average is about $3.7 billion.

Darkfost said monthly inflows averaged $5.6 billion when Bitcoin reached an all-time high, with the annual average at $4.3 billion. He said the current trend points to weak demand and limited investor interest. Darkfost also noted that peak stablecoin inflows are often a lagging signal, as exchanges increase stablecoin supply while some investors accelerate profit-taking and newer investors continue to bet on further Bitcoin gains. He said market demand still needs to improve.