TechFlow News, June 12: CryptoQuant analyst Axel Adler stated that Bitcoin (BTC) is experiencing substantial inflows into exchanges while stablecoin liquidity continues to flow out. This simultaneous deterioration on both supply and demand sides is considered a key reason for Bitcoin’s roughly 22% decline from its May peak.
Data shows Bitcoin’s 30-day net exchange inflow indicator has turned decisively positive, currently standing at approximately +114,000 BTC. Compared to the net outflow state observed in early May—ranging from -85,000 to -115,000 BTC—the market has shifted from an accumulation phase to a distribution phase. This indicator briefly surged to around +167,000 BTC in early June, signaling increased movement of BTC into exchanges by holders and thereby raising potential selling pressure.
Meanwhile, the 30-day moving average net flow for stablecoins remains persistently negative, currently at approximately -$105 million. In early May, this indicator still hovered between +$40 million and +$90 million, reflecting strong buying liquidity in the market; however, it turned negative starting mid-May and widened to roughly -$150 million to -$170 million in early June, indicating stablecoin funds are exiting exchanges and reducing the market’s “ammunition.”
