Analyst: Binance and Bybit stablecoin outflows over 30 days exceed $2.3 billion; Bitcoin liquidity is drying up, and market sentiment is bearish

PANews July 20日消息, CryptoQuant analyst Darkfost said in a post that over the past 30 days, the combined stablecoin outflows from Binance and Bybit have exceeded $2.3 billion, indicating Bitcoin liquidity has been depleted. Bitcoin has tested the $60k key level for nearly 165 days in a row, although it once broke above $80k in May, it failed to hold or rekindle Bitcoin’s upward momentum. One of the reasons for this situation is the lack of new liquidity inflows into the market. Whether investing directly in Bitcoin or investing across the entire crypto market, it is difficult to realize new demand. Looking at changes in exchange stablecoin reserves, the situation has been especially bad since the beginning of the year: reserves have fallen almost continuously, reflecting that outflows have clearly exceeded inflows. In only the past 30 days alone, Binance’s stablecoin reserves have lost $1.55 billion, while Bybit’s have lost $786 million in the same period. The decline in reserves sends a clear signal: demand and liquidity are shrinking. Investors seem to be inclined to withdraw stablecoins from exchanges, and even exit the market entirely. Therefore, it is this still overly pessimistic overall market sentiment that continues to deprive Bitcoin of the resources it needs to break out of its current consolidation range.