The 30-day change in ERC20 stablecoin reserves across major exchanges doesn’t show broad liquidity expansion. It shows rotation.
Binance saw a major inflow in Nov 2025 (near +$8B), but that reversed into Dec - Jan and has recently slipped back into negative territory. That’s not sustained spot buildup.
OKX remains choppy around neutral. No persistent accumulation there.
Bybit, however, flipped hard. After a deep contraction (around -$3B), reserves rebounded into positive territory. Given Bybit’s derivatives-heavy profile, this likely reflects positioning rather than spot accumulation.
There is no synchronized inflow across spot-heavy venues.
Liquidity is moving - not expanding.
And remember: these charts only reflect ERC20 rails. With stablecoin flows also shifting across networks, this looks more like tactical reallocation than aggressive spot deployment.
Capital isn’t exiting crypto. But it isn’t committing to spot either. Until stablecoin inflows broaden across spot-dominant exchanges and convert into real BTC demand, upside remains structurally sensitive to flows 🧸 DYOR
Written by TeddyVision