Stablecoin reserves held on centralized exchanges fell from a late-2025 peak of about $80 billion to roughly $64 billion, a decline of around $16 billion, or 20%, according to CryptoQuant data cited by BeInCrypto. The reduction leaves less idle capital on exchanges to absorb selling or fund new purchases, while the remaining liquidity has become more concentrated. Binance accounted for 68.5% of exchange stablecoin reserves, up from the low-60% range in late 2025, as balances at Coinbase, Bybit, OKX and smaller venues contracted more sharply. Binance also led centralized-exchange spot trading with 38.7% of second-quarter volume, compared with about 10% for Bybit, according to CoinGecko. Total stablecoin supply declined from nearly $316 billion in May to $300.89 billion, a smaller 4.8% decrease that suggests some funds may have moved on-chain rather than exited crypto. Santiment reported rising bearish language, while the Crypto Fear and Greed Index stood at 46, still in fear territory but above recent lows.