BTC can’t get moving, and the real culprit may not be the bears—it may be that exchanges are running out of money.
Data from CryptoQuant analyst Darkfost: Binance’s ERC-20 stablecoin reserves have fallen to $41.6 billion, a one-year low and back to early October 2025 levels. Since April this year, $6.3 billion has flowed out, leaving reserves nearly $9 billion below the peak of around $51 billion at the end of November 2025.
This isn’t just a Binance problem: Coinbase Advanced (-$2.5 billion), OKX (-$2.4 billion), and Bybit (-$2.3 billion) saw a combined $13.5 billion in stablecoins leave. Meanwhile, $BTC average daily spot trading volume fell from $38.6 billion in April to $28.2 billion in October, a 27% drop.
Total stablecoin supply hasn’t made up the shortfall either: $USDT has been flat around $183 billion, while $USDC has slid from $78 billion to $72 billion.
Stablecoins on exchanges are the market’s immediate purchasing power. Binance alone accounts for more than 70% of exchange stablecoin reserves across the industry. With that reservoir running low, any rebound is built on nothing—the fact that $BTC has been stuck in the $82,000–$84,000 range for nearly two weeks, with every rally running out of steam, fits the picture.
Watch one signal: the 90-day rate of change in Binance’s stablecoin reserves (currently -4.7%). A genuine return of buying pressure will come only when it turns positive.
#比特币 #流动性 #BTC
Data from CryptoQuant analyst Darkfost: Binance’s ERC-20 stablecoin reserves have fallen to $41.6 billion, a one-year low and back to early October 2025 levels. Since April this year, $6.3 billion has flowed out, leaving reserves nearly $9 billion below the peak of around $51 billion at the end of November 2025.
This isn’t just a Binance problem: Coinbase Advanced (-$2.5 billion), OKX (-$2.4 billion), and Bybit (-$2.3 billion) saw a combined $13.5 billion in stablecoins leave. Meanwhile, $BTC average daily spot trading volume fell from $38.6 billion in April to $28.2 billion in October, a 27% drop.
Total stablecoin supply hasn’t made up the shortfall either: $USDT has been flat around $183 billion, while $USDC has slid from $78 billion to $72 billion.
Stablecoins on exchanges are the market’s immediate purchasing power. Binance alone accounts for more than 70% of exchange stablecoin reserves across the industry. With that reservoir running low, any rebound is built on nothing—the fact that $BTC has been stuck in the $82,000–$84,000 range for nearly two weeks, with every rally running out of steam, fits the picture.
Watch one signal: the 90-day rate of change in Binance’s stablecoin reserves (currently -4.7%). A genuine return of buying pressure will come only when it turns positive.
#比特币 #流动性 #BTC