Bitcoin exchange inflows have surged to approximately 114,000 BTC, according to CryptoQuant analyst Axel Adler. This increase in BTC moving to exchanges, coupled with a significant outflow of stablecoins, is exerting structural pressure on the market. The 30-day net exchange flow indicator for Bitcoin has turned positive, contrasting with the net outflow of 85,000 to 115,000 BTC observed in early May, signaling a shift from accumulation to allocation. The stablecoin market is also experiencing a downturn, with the 30-day moving average net inflow remaining negative at around -$105 million. This marks a stark change from early May, when stablecoin inflows ranged from $40 million to $90 million, providing strong buying liquidity. The current outflow trend suggests a reduction in market liquidity, contributing to Bitcoin's 22% decline from its May peak.