Bitcoin exchange inflows jump to 114,000 BTC as stablecoin liquidity drains, softening buy-side support

CryptoQuant analyst Axel Adler said Bitcoin is moving into exchanges at a rapid pace while stablecoin liquidity continues to leave the market, tightening the supply-demand balance. Adler noted the 30-day net exchange flow for BTC is roughly +114,000 BTC, reversing the net outflow of about 85,000 to 115,000 BTC seen in early May. The shift suggests the market has moved from an accumulation phase to a distribution phase. The indicator climbed to around +167,000 BTC in early June. Stablecoins are also showing weaker liquidity conditions. The 30-day moving-average net flow is about $105 million, up from roughly +$40 million to +$90 million in early May. That range widened to around $150 million to $170 million in early June.