TL;DR
- Stablecoin flows: CryptoQuant reports that CEX outflows slowed to $2 billion, far below the $8.4 billion seen in late 2025, signaling capital consolidation rather than sector exit.
- Binance dominance: Binance now holds $47.5 billion in USDt and USDC, equal to 65% of CEX reserves, far ahead of OKX, Coinbase, and Bybit, highlighting deepening liquidity concentration.
- Market outlook: Despite stabilizing flows, CryptoQuant warns Bitcoin may still fall toward its $55,000 realized price support, with BTC trading at $68,206 as analysts say the bottom has not yet been tested.
Stablecoin outflows from centralized exchanges have slowed sharply, signaling that investor capital is consolidating rather than exiting the crypto sector, according to new data from CryptoQuant. The firm reported that despite ongoing bear market conditions, liquidity is increasingly pooling on Binance, which now commands a dominant share of stablecoin reserves across major trading platforms.
https://twitter.com/cryptoquant_com/status/2023699531523604907
Outflows Ease as Market Shows Signs of Stabilization
CryptoQuant said flows on centralized exchanges have steadied, with just $2 billion in stablecoin outflows over the past month. This marks a significant moderation from late 2025, when $8.4 billion exited exchanges at the onset of the bear market. Nick Pitto, CryptoQuant’s marketing head, told news outlets that capital is no longer rushing out of crypto but instead consolidating, particularly on Binance. He added that a bullish shift would require reserves to grow or be deployed into risk assets.
Binance Strengthens Its Grip on Stablecoin Liquidity
According to CryptoQuant’s data, Binance remains the primary hub for stablecoin liquidity, holding $47.5 billion in USDt and USDC. This represents 65% of all USDT and USDC held across centralized exchanges and reflects a 31% increase from $35.9 billion a year earlier. Major competitors lag far behind, with OKX holding 13% at $9.5 billion, while Coinbase and Bybit account for 8% and 6% with $5.9 billion and $4 billion, respectively.
USDT Dominance Drives Binance’s Reserve Growth
Binance’s stablecoin reserves are overwhelmingly driven by USDT, with the exchange holding $42.3 billion in the token compared with $5.2 billion in USDC. CryptoQuant noted that Binance increased its USDT liquidity by 36% year‑on‑year, while USDC balances have remained largely unchanged. The firm concluded that capital is concentrating rather than leaving the ecosystem, even as broader market sentiment remains weak.
Despite slowing outflows, CryptoQuant warned that Bitcoin may still decline before reaching its bear market bottom. Analysts reiterated that Bitcoin’s realized price support sits near $55,000 and has not yet been tested. At the time of writing, Bitcoin traded at $66,900, down about 1.3% over the past 24 hours, according to CoinMarketCap.
