CryptoQuant analyst Darkfost said Binance lost about $1.55 billion and Bybit about $786 million, calling the combined outflow a signal to watch for possible pressure on spot demand.
Stablecoin reserves on Binance and Bybit dropped by a combined $2.3 billion over the past 30 days, a move that may matter because stablecoins are often used as readily deployable trading capital in crypto markets. Binance shed about $1.55 billion over the period, while Bybit lost about $786 million. CryptoQuant analyst Darkfost flagged the outflow as a signal worth monitoring for potential pressure on spot demand, suggesting reduced stablecoin balances on major exchanges can indicate less immediate buying power.