December data shows $8 billion in stablecoins left exchanges during the month, including $3 billion from Bybit and about $2 billion from Binance, while OKX remained near the $10 billion mark. Even after these outflows, Binance still holds close to 15% of global stablecoin supply.
Crazzyblockk noted that on-chain activity dropped by about 40%, while whales accumulated around 20,000 BTC and futures open interest expanded by $2 billion.
Why It Matters: Market Positioning
CryptoQuant's analysis suggests such reserves matter most when sentiment changes, as exchanges with deeper pools can deploy capital first.
Bitcoin rebounded earlier today to around $90,000, before meeting significant resistance, while Ethereum reclaimed $3,000 and major tokens such as BNB and XRP also bounced.
Analyst CW noted that retail traders and whales were buying simultaneously, particularly on Binance, while Ali Martinez warned the move could be another short-lived rebound, pointing to negative capital flows and continued spot ETF outflows.
Analyst nino added caution using derivatives data, noting Bitcoin futures funding rates remain elevated across 72-hour averages, suggesting leverage has not fully reset.
Macro expectations for 2026, including easier monetary policy and possible capital rotation into risk assets, have maintained longer-term optimism, though the record stablecoin stockpile shows capital remains ready but patience dominates until a clearer catalyst appears.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
