Why Does Bitcoin Keep Losing Steam? On-Chain Data Has a Clue

Binance’s stablecoin reserves have fallen to $41.6 billion, a one-year low, after $6.3 billion left the exchange since April, according to CryptoQuant data shared by analyst Darkfost. The drain is market-wide and reduces the cash available to push crypto prices higher. Coinbase Advanced, OKX and Bybit each lost between $2.3 billion and $2.5 billion since April, and the four exchanges together shed about $13.5 billion. Bitcoin traded near $83,350, about 4% below its September peak, while Binance’s 90-day stablecoin market-cap change remained negative at -4.7%.