Binance, Bybit Lose $2.3B in Stablecoin Reserves in 30 Days
The outflow is concentrated on the two largest non-US venues and lines up with Europe's MiCA migration and a broader rotation into self-custody and onchain yield products.
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The outflow is concentrated on the two largest non-US venues and lines up with Europe's MiCA migration and a broader rotation into self-custody and onchain yield products.
Coins leaving Binance typically signal accumulation, but XRP is still 70% below its all-time high and order flow has stayed seller-controlled since the $2.00 print earlier this year.
Supply on centralized venues sits at multi-year lows, but with coins moving into ETFs, corporate treasuries and DeFi rather than cold storage, the old bullish read is overdue for a rewrite.