Binance Dominates USDT and USDC Reserves Amid Bear Market Consolidation
Are Investors Pulling Capital Out of Crypto?
Stablecoin outflows from centralized platforms have sluggished sharply, even as on-chain indicators continue to point to fragile market conditions. According to CryptoQuant, total stablecoin outflows from centralized venues reached just $2 billion over the past month.
That compares with $8.4 billion in outflows at the begin of the late-2025 bear market, a period that saw quicker redemptions and heavier capital withdrawals. The contrast suggests that while sentiment remains cautious, at the identical pace.
“Capital isn’t rushing out of crypto right now; it’s consolidating, particularly on Binance,” said Nick Pitto, CryptoQuant’s head of marketing. He added that a bullish turn would require reserves to begin expanding or being deployed into risk assets.
Investor Takeaway
Why Is Binance Holding the Majority of Stablecoin Liquidity?
CryptoQuant’s data shows Binance holding $47.5 billion in combined, accounting for 65% of total reserves across centralized platforms. That total is up 31% from $35.9 billion a year ago.
Other major venues trail by a wide margin. OKX holds 13% of platform-based stablecoin reserves at $9.5 billion. Coinbase accounts for 8% with $5.9 billion, while Bybit holds 6% with $4 billion.
The concentration points to Binance’s role as the main liquidity hub for stablecoin-based trading. CryptoQuant summarized the pattern succinctly: “Capital isn’t leaving crypto, it’s concentrating.”
Is USDT Driving the Liquidity Build-Up?
Binance’s . The platform holds $42.3 billion in Tether compared with $5.2 billion in USDC. Year over year, Binance’s USDT reserves have grown 36%, while USDC balances have remained largely flat.
That divergence reflects the continued dominance of USDT in , particularly on offshore platforms. USDC remains widely used, but its footprint on Binance is comparatively small.
The build-up in USDT reserves, combined with sluggishing outflows, suggests that traders are holding cash-like positions on platform rather than withdrawing to self-custody or converting to fiat.
Does This Mean BTC Has Found a Bottom?
Despite the moderation in stablecoin outflows, CryptoQuant cautioned that broader market fragileness may not be over. Analysts last week reiterated that BTC’s realized price support sits near $55,000 and has yet to be tested.
“BTC’s ultimate bear market bottom is around $55,000 today,” the firm said.
At the time of publication, near $68,200, down roughly 1.3% over the previous 24 hours, according to CoinGecko data.
