Binance holds 65% of all USDT and USDC reserves on centralised exchanges as stablecoin outflows slow to $2 billion over the past month, according to CryptoQuant.
The moderation compares with $8.4 billion in outflows at the start of the late-2025 bear market, signalling that investor capital is consolidating on major venues rather than exiting the sector.
“Capital isn’t rushing out of crypto right now; it’s consolidating, particularly on Binance,”
Said Nick Pitto, marketing head at CryptoQuant.
CryptoQuant data shows Binance holding $47.5 billion in Tether (USDT) and USD Coin (USDC), up 31% from $35.9 billion a year earlier, while rivals OKX, Coinbase and Bybit trail with significantly smaller reserve shares.
Binance’s liquidity is overwhelmingly driven by USDT, with $42.3 billion held in the stablecoin compared with $5.2 billion in USDC, reflecting a 36% year-on-year rise in USDT balances while USDC remains largely unchanged.
Despite the cooling outflows, CryptoQuant warned that Bitcoin could still fall further, reiterating that realised price support near $55,000 has yet to be tested and may mark the ultimate bear market bottom.