Nearly $2.3 billion in stablecoins have exited Binance and Bybit over the past 30 days, according to analyst Darkfost. Bitcoin continues to trade in a consolidation phase above $60,000, but a lack of fresh liquidity is preventing a stronger uptrend. Exchange stablecoin reserves have declined continuously since the start of the year, with Binance recording approximately $1.55 billion in outflows and Bybit seeing $786 million leave. Darkfost notes that falling reserves indicate contracting investor demand and may signal some participants are exiting the market entirely. Meanwhile, other analysts view the conditions as a gradual accumulation opportunity, with Bitcoin on track to close above its 200-week moving average.
Bitcoin (BTC) continues to consolidate just above $60,000, with the market approaching 165 days of testing that price zone. A rally above $80,000 in May failed to sustain momentum, according to analyst Darkfost.
The analyst pointed to a lack of fresh liquidity entering the crypto market as a key reason behind Bitcoin’s inability to establish a stronger uptrend. Exchange stablecoin reserves have reflected this trend since the start of the year, showing a near-continuous decline as outflows consistently outpaced inflows.
Over the past 30 days, Binance recorded approximately $1.55 billion in stablecoin outflows – a significant reduction in reserves. Bybit saw a further $786 million leave its stablecoin reserves during the same timeframe, totaling nearly $2.3 billion in outflows across both exchanges.
Darkfost explained that the falling reserves indicate that incoming liquidity and investor demand are continuing to contract. The analyst added that market participants appear to be withdrawing stablecoins from exchanges rather than deploying them into crypto assets, while some may be exiting the market entirely.
Such “pessimistic” market positioning continues to limit the liquidity available to Bitcoin, preventing a meaningful breakout above its long-running consolidation range. Some analysts, such as Doctor Profit, believe the ongoing conditions present a gradual accumulation opportunity, noting that investors waiting for Bitcoin’s traditional four-year cycle bottom could miss the next move.
Market trader Daan Crypto Trades said the asset is on track to close another weekly candle above its 200-week moving average, an important long-term support indicator. However, a stronger move higher is still needed to retrace the previous decline and reclaim the 200-week exponential moving average. Until that happens, Bitcoin is expected to remain stuck in its “choppy” trading range around the current level.
