Analyst: BTC Selling Pressure Rising Alongside Stablecoin Fund Outflows, Short-Term Liquidity Facing Constriction Risk

June 12th — CryptoQuant analyst Axel Adler notes that Bitcoin (BTC) is seeing continuous inflows to exchanges while stablecoin funds are being withdrawn, creating a dual weakening of market supply and demand. This is viewed as a major reason for BTC’s roughly 22% drop from its May high. On-chain data shows Bitcoin’s 30-day net exchange inflow indicator flipped from a net outflow state in early May to a clear net inflow, currently standing at around +114,000 BTC. Compared to levels of roughly -85,000 to -115,000 BTC in early May, the market has gradually shifted from an accumulation phase to a distribution phase. This indicator reached around +167,000 BTC in early June, indicating more and more holders are moving their Bitcoin to exchanges, thereby increasing potential selling pressure. Meanwhile, stablecoin liquidity — a metric that reflects the market’s buying power — is diminishing. Data shows the 30-day moving average net flow of stablecoins is currently around -$105 million, remaining consistently in negative territory. In early May, this indicator still ranged between +$40 million and +$90 million, meaning exchanges had ample buying power. However, it turned negative in mid-May and expanded to roughly -$150 million to -$170 million in early June, marking sustained outflows of stablecoin capital from exchanges. Facing the dual headwinds of rising Bitcoin supply and fading stablecoin buying power, the market is currently at high risk of a short-term liquidity crunch.