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.
CryptoQuant Analyst Axel Adler Says Bitcoin Exchange Inflows Rose as Stablecoin Liquidity Fell
2026-06-13 15:23:47
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