TechFlow reports that on July 20, CryptoQuant analyst Darkfost stated that Binance and Bybit had combined stablecoin outflows of nearly $2.3 billion in the past 30 days, with Binance outflows of approximately $1.55 billion and Bybit outflows of approximately $786 million. He pointed out that since the beginning of the year, exchange stablecoin reserves have continued to decline overall, reflecting that capital outflows are dominant.
Meanwhile, although Bitcoin has consolidated near the $60,000 key range for nearly 165 days and previously tested above $80,000 in May, it failed to effectively sustain the upward trend. Analysis suggests that the lack of new capital and spot demand in the market is an important reason why Bitcoin has been unable to effectively break out of the current consolidation range.
