TL;DR:
- Constant range: The exchange supply ratio on trading platforms has remained stable between 0.40 and 0.46 since December 2024.
- Concentration of reserves: The Binance exchange platform consistently holds between 25% and 30% of the global supply of these dollar-pegged assets.
- Fluctuation margin: Despite market volatility, this internal liquidity metric varied by a mere five percentage points over the last 18 months.
New data published by the on-chain analytics platform CryptoQuant reveals that nearly half of the circulating stablecoin supply has remained inactive within cryptocurrency exchanges for well over a year.
Nearly Half of All Stablecoins Are Waiting on Exchanges
“Liquidity remains abundant, but highly selective. As a result, modest changes in investor conviction, risk appetite, or capital deployment continue to generate disproportionate volatility across Bitcoin.” – By @MorenoDV_ pic.twitter.com/7zsVllqlSL
— CryptoQuant.com (@cryptoquant_com) June 17, 2026
Behavior of dormant capital on platforms
Since December 2024, the indicator known as the Exchange Supply Ratio has remained unchanged within a narrow range of 0.40 to 0.46. This means that approximately 40% to 46% of all circulating stablecoins are parked in exchange accounts. According to CryptoQuant’s report, the liquidity structure is virtually unaltered over the past 18 months, a period marked by sharp price swings in the sector’s main assets.
Price records show that, since late 2024, Bitcoin skyrocketed toward its current all-time high near $125,000, only to later experience a correction that brought it back down toward the $60,000 level. CryptoQuant data suggests that, despite this movement and the massive institutional capital inflows recorded over the past year, the stablecoin ratio on exchanges shifted by a mere 5%.
“Liquidity remains abundant, but highly selective,” noted CryptoQuant analysts in their technical document.
This stillness in available funds could explain the isolated volatility spikes. According to the analytics firm’s interpretation, modest changes in investor conviction or risk appetite tend to generate disproportionate fluctuations in the price of Bitcoin, as the accumulated capital prefers not to move from its safe-haven positions.
Binance’s centralized dominance
The custody ecosystem shows strong centralization around a single global player. The digital asset trading giant Binance consistently concentrates between 25% and 30% of the entire global stablecoin supply. In practical terms, this firm commands more than half of all exchange-held stablecoin reserves on earth.
The long-term stability of these on-chain metrics indicates, according to independent analysts, that the crypto market may have consolidated a structural floor in its valuation. The data suggests that much of the downside liquidity risk has already been processed and priced in by current industry participants. For long-term investors, the current macroeconomic asymmetry presents an environment favoring patient accumulation before the rotation of capital back into higher-risk assets reactivates.
The evolution of this dormant liquidity indicator will be closely monitored during the upcoming quarterly close of financial data in the crypto industry.
