Bitcoin Exchange Inflows Surge as Stablecoin Outflows Weaken Market
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.
