Data: BTC exchange inflows surged to 114,000 BTC, while stablecoin outflows weakened buying pressure, causing structural pressure on the market.

According to Mars Finance, CryptoQuant analyst Axel Adler stated that Bitcoin (BTC) is flowing into exchanges in large quantities, while stablecoin liquidity continues to flow out, indicating a deterioration in both supply and demand. This is considered a major reason for Bitcoin's approximately 22% drop from its May high. Data shows that Bitcoin's 30-day net exchange flow indicator has turned significantly positive, currently at approximately +114,000 BTC. Compared to the net outflow of approximately -85,000 to -115,000 BTC in early May, the market has shifted from an accumulation phase to an allocation phase. This indicator rose to approximately +167,000 BTC in early June, indicating that more holders were transferring BTC to exchanges, increasing potential selling pressure. Meanwhile, the 30-day moving average net flow of stablecoins remains negative, currently at approximately -$105 million. In early May, the indicator was still in the range of +40 million to +90 million US dollars, indicating strong buying liquidity in the market; however, it turned negative after mid-May and widened to about -150 million to -170 million US dollars in early June, indicating that stablecoin funds were leaving exchanges and the market's "ammunition" was decreasing.