Even as CryptoQuant indicators continue to show weak market conditions, stablecoin outflows from centralized exchanges have slowed sharply, a sign that investor funds are being consolidated rather than leaving the sector, market data providers said.
CryptoQuant said in a statement to Cointelegraph on Tuesday that the flow of funds to its centralized exchange (CEX) has been stable, with total outflows of just $2 billion over the past month.
In contrast, late 2025 saw $8.4 billion in outflows at the start of the bear market, highlighting moderation in redemptions, Nick Pitt, Head of Marketing at CryptoQuant, told Cointelegraph.
“Capital is not rushing out of crypto right now. Capital is consolidating, especially on Binance,” Pitt said, adding that the trend would only become bullish if reserves start increasing or are invested in risk assets.
Binance holds 65% of CEX stablecoin reserves. $USDT and $USDC
Binance remains the leading hub for stablecoin liquidity, holding $47.5 billion in USDt in Tether, according to CryptoQuant data ($USDT) and circles $USDC ($USDC), the two largest stablecoins by market capitalization.
This number accounts for 65% of the total $USDT and $USDC It is held across CEX and is up 31% from $35.9 billion a year ago.
sauce: cryptoquant
Major exchanges such as OKX, Coinbase, and Bybit lag behind Binance in terms of stablecoin reserves, with OKX at 13%, or $9.5 billion, the highest among other exchanges.
Coinbase and Bybit account for 8% and 6%, respectively, with reserves of $5.9 billion and $4 billion.
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With Binance dominating stablecoin liquidity despite slowing bear market outflows, CryptoQuant concluded that “capital is concentrating, not leaving, cryptocurrencies.”
The liquidity of Binance stablecoins is mainly $USDT
Binance’s stablecoin reserves are overwhelmingly driven by: $USDTexchanges hold $42.3 billion in stablecoins compared to $5.2 billion in stablecoins. $USDC.
The exchange has increased its value $USDT Liquidity decreased by 36% year-on-year; $USDC Reserves remain almost unchanged.
Binance $USDT and $USDC Reserves since January 2020. source: cryptoquant
Despite slowing stablecoin outflows suggesting possible market consolidation, CryptoQuant warned that Bitcoin (BTC) could fall further before hitting its bottom.
CryptoQuant analysts reiterated last week that Bitcoin’s realized price support remains near $55,000 and remains untested.
“Bitcoin’s ultimate bear market bottom is today around $55,000,” CryptoQuant said.
At the time of publication, Bitcoin was trading at $68,206, down about 1.3% over the past 24 hours, according to data from CoinGecko.
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