Analyst: Stablecoins have been withdrawing from exchanges for 35 consecutive days, and buy-side momentum is weak

PANews July 21 news, CryptoQuant analyst Axel Adler Jr. said that Bitcoin is currently trading around $65,000, but two major fund flow indicators show weak market buying. Bitcoin’s 30-day net inflow is near a neutral level, slightly positive, lacking deep outflow signals seen during the 2023 and late-2024 bottom accumulation phases, indicating that large-scale coin hoarding has not yet occurred. Stablecoin net inflow has remained negative for 35 consecutive days, recently falling below -$100 million, suggesting that stablecoins are continuously leaving exchanges and the market lacks purchase fuel.

The analyst noted that Bitcoin’s neutral flow by itself is not a bullish signal— the lack of deep outflows means strong holders have not yet removed supply from exchanges. Improvement signals require waiting for stablecoin net flow to turn positive again, alongside sustained Bitcoin outflows. If stablecoin outflows deepen further, selling pressure on the price will intensify.