Bitcoin Market Faces Structural Pressure: BTC Flows into Exchanges, Stablecoin Outflows Weaken Rebound Momentum

Odaily Planet Daily News CryptoQuant analyst Axel Adler pointed out that on-chain data shows Bitcoin (BTC) is flooding into exchanges while stablecoin liquidity continues to flow out, with supply and demand deteriorating on both ends, which is considered a key reason for Bitcoin's approximately 22% decline from its May high.

Additionally, the Bitcoin 30-day net exchange flow indicator has turned significantly positive, currently at about +114,000 BTC. Compared to the net outflow of about -85,000 to -115,000 BTC in early May, the market has shifted from an accumulation phase to a distribution phase. The indicator briefly rose to about +167,000 BTC in early June, suggesting more holders are moving BTC to exchanges, increasing potential selling pressure.

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

Axel Adler's analysis suggests that the market is currently experiencing a combination of "increasing BTC supply" and "declining demand for stablecoins": rising selling pressure on one hand and insufficient new buying on the other, causing Bitcoin to fall from its May highs and enter a risk-off phase.

For a trend reversal to occur, the market needs to see simultaneous improvement in both indicators: BTC returning to net outflows from exchanges, indicating renewed accumulation by investors; and stablecoins re-entering exchanges, indicating the return of buying funds. Until both indicators return to positive territory, short-term rebounds may likely be viewed as technical corrections.