Stablecoin reserves on Binance have fallen to $41.6 billion, their lowest level in a year. Since April, $6.3 billion has flowed out; reserves are down 4.7% over the past 90 days. Bybit, OKX, and Coinbase have each seen outflows of $2.3 billion to $2.5 billion.
The funds available to place orders on exchanges are dwindling, and BTC spot ETFs saw inflows of just $23.2 million last night. My take: the recent rebound looks more like existing capital changing hands than fresh money coming in. Until reserves start seeing net inflows again, I wouldn’t call it new money entering the market