比特币市场出现结构性压力：BTC涌入交易所，稳定币流出削弱反弹动能

Odaily Planet Daily News CryptoQuant analyst Axel Adler pointed out that on-chain data shows Bitcoin (BTC) is flowing into exchanges in large volumes, while stablecoin liquidity continues to flow out. The simultaneous deterioration on both the supply and demand sides of the market is considered a key reason for Bitcoin's approximately 22% pullback from its peak in May.

Additionally, the 30-day net exchange flow indicator for Bitcoin has turned clearly positive, currently around +114,000 BTC. Compared to the net outflow state of approximately -85,000 to -115,000 BTC in early May, the market has shifted from an accumulation phase to a distribution phase. This indicator briefly rose to around +167,000 BTC in early June, indicating that more holders are transferring BTC to exchanges, increasing potential selling pressure.

Meanwhile, the 30-day moving average net flow of stablecoins remains negative, currently around -$105 million. In early May, this indicator was still in the range of +$40 million to +$90 million, representing strong buying liquidity in the market. However, it turned negative after mid-May and widened to approximately -$150 million to -$170 million in early June, showing that stablecoin funds are leaving exchanges and market "ammunition" is decreasing.

Axel Adler's analysis suggests that the current market is simultaneously experiencing a combination of "increased BTC supply" and "declining demand for stablecoins": on one hand, selling pressure is rising; on the other hand, new buying power is insufficient. This has caused Bitcoin to decline from its May highs and enter a phase of decreased risk appetite.

If the market hopes for a trend reversal, it will need to see simultaneous improvement in both indicators: BTC turning back to net outflows from exchanges, indicating investors are re-accumulating; at the same time, stablecoins flowing back into exchanges, representing the return of buying funds. Until both indicators return to positive territory, short-term rebounds may be viewed more as technical corrections.