CryptoQuant Analyst Axel Adler Says Bitcoin Exchange Inflows Rose as Stablecoin Liquidity Fell

Bitcoin has seen rising inflows to exchanges while stablecoin liquidity has continued to flow out, worsening both supply and demand conditions and contributing to Bitcoin’s roughly 22% pullback from its May peak, CryptoQuant analyst Axel Adler said. According to ChainCatcher, Adler cited data showing Bitcoin’s 30-day net exchange flow has turned clearly positive at about +114,000 BTC, compared with net outflows of roughly -85,000 to -115,000 BTC in early May. He said the shift suggests the market has moved from an accumulation phase to a distribution phase. The indicator briefly climbed to around +167,000 BTC in early June, which Adler said points to more holders moving BTC onto exchanges, increasing potential selling pressure. At the same time, the 30-day moving average of stablecoin net flows has remained negative at about -$105 million. In early May, the metric was still positive in the range of about +$40 million to +$90 million, indicating stronger buying liquidity, but it turned negative after mid-May. Adler added that the stablecoin outflow widened in early June to roughly -$150 million to -$170 million, suggesting funds are leaving exchanges and reducing available buying power.