Bitcoin is facing increased selling pressure as exchange inflows surge to approximately 114,000 BTC, according to CryptoQuant analyst Axel Adler. This shift marks a transition from an accumulation to a distribution phase, contributing to Bitcoin's 22% decline from its May peak. The 30-day net exchange inflow indicator, which peaked at +167,000 BTC in early June, highlights the growing trend of holders transferring BTC to exchanges. Simultaneously, stablecoin liquidity is diminishing, with the 30-day moving average of stablecoin net flows turning negative at around -$105 million. This marks a significant shift from early May, when stablecoin inflows ranged between +$40 million and +$90 million, providing strong buying liquidity. The current outflows, which widened to -$150 million to -$170 million in early June, suggest a reduction in market buying power, exacerbating structural market pressure.