Bitcoin exchange inflows jump to 114,000 BTC as stablecoin liquidity keeps draining

Huoxing Finance cited CryptoQuant analyst Axel Adler as saying Bitcoin is moving into exchanges at an elevated pace while stablecoin liquidity continues to flow out, tightening supply-demand conditions on both sides. He described the dynamic as a key driver of Bitcoin's roughly 22% pullback from its May peak. According to the data, Bitcoin's 30-day net exchange flow has flipped decisively positive, now around +114,000 BTC. That compares with net outflows of about 85,000 to 115,000 BTC in early May, pointing to a shift from accumulation toward distribution. The indicator briefly climbed to roughly +167,000 BTC in early June, suggesting more holders are sending BTC to exchanges and potentially adding to sell-side pressure. At the same time, the 30-day moving average of net stablecoin flows remains negative at about -$105 million. In early May, the measure was still positive at +$40 million to +$90 million, consistent with stronger buying liquidity. Since mid-May it has turned negative and widened to around -$150 million to -$170 million in early June, indicating stablecoin capital is leaving exchanges and market "ammunition" is shrinking.