Stablecoin reserves on exchanges fell from $80B to $64B. Binance share rose to 68.5% as rivals shed liquidity faster. Nine-month outflow streak is longest since 2022.
Stablecoin liquidity across centralized exchanges has contracted from roughly $80 billion at its late-2025 peak to about $64 billion, according to CryptoQuant data. The drop reflects a deepening crypto bear market. Binance has weathered the pullback better than its competitors, expanding its share of exchange-held stablecoins from about 60% to 68.5% even as the overall pool shrinks.
That share growth came a slower rate of decline compared to other platforms. Binance's own reserves are still falling in absolute terms. The exchanges tracked by CryptoQuant recorded close to $1.75 billion in net stablecoin outflows over the past 30 days. OKX saw outflows of roughly $605 million. Bybit recorded a decline near $321 million. Other exchanges combined lost about $311 million.
Coinbase, Bybit, OKX and smaller venues have all seen steeper proportional drawdowns in their stablecoin balances over the same period. The remaining liquidity concentrates around the largest platform as those venues lose reserves faster. A market where one exchange holds close to 70% of available stablecoin reserves behaves differently than one with balanced distribution across several platforms.
The outflow trend lines up with weak price action in the broader Bitcoin (BTC) market. Bitcoin has fallen around 48% since October. Over the same stretch the S&P 500 gained about 18% and the Nasdaq rose 23%. Traditional equities have advanced while crypto assets have struggled. The steady exit of stablecoin liquidity from exchanges suggests traders remain reluctant to redeploy capital into digital assets, analysts said.
Separate tracking from analyst Darkfost shows exchange stablecoin reserves have declined almost continuously since October. Monthly outflows follow a consistent pattern. Binance alone recorded close to $1.75 billion in net stablecoin outflows over the past 30 days. That scale means shifts in Binance reserves carry outsized weight for overall exchange-level liquidity readings.
Stablecoin reserves on exchanges have now declined for nine consecutive months, the longest streak since 2022, CryptoQuant data show. The gap between crypto and equity market performance has widened to its largest in 12 months.
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