Stablecoins are flowing out of cryptocurrency exchanges at the fastest rate in this cycle, with major platforms like Binance experiencing a net outflow of nearly $1.9 billion in 30 days. Although the total supply of stablecoins increased by about $509 million last week, funds are being directed towards networks like TON, Ethereum, and Polygon, rather than being used for trading. This reflects a sharp decline in short-term risk appetite, as investors are more inclined to choose safer and higher-yielding treasury-backed stablecoins in light of Bitcoin's pullback of about 36% from its October peak.