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 Odaily reports that 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, causing deterioration on both the supply and demand sides of the market. This is considered a key reason for Bitcoin's approximately 22% decline from its May highs.

Furthermore, Bitcoin's 30-day net exchange flow indicator has turned significantly positive, currently at approximately +114,000 BTC. Compared to the net outflow 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 approximately +167,000 BTC in early June, indicating that more holders are transferring BTC to exchanges, increasing potential selling pressure.

At the same time, the 30-day moving average net flow of stablecoins remains in negative territory, currently at approximately -$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 stablecoin demand": on one hand, sell-side pressure is rising; on the other hand, there is insufficient new buying power, causing Bitcoin to retreat from its May highs and enter a phase of declining risk appetite.

For the market to see a trend reversal, both indicators need to improve simultaneously: BTC needs to revert to net outflows from exchanges, indicating renewed accumulation by investors; and stablecoins need to flow back into exchanges, signaling the return of buying liquidity. Until both indicators return to positive territory, short-term rebounds may be viewed more as technical corrections.