On-chain metrics from four key indicators (Exchange Netflow and Exchange Reserve for all exchanges and specifically for Binance) reveal one of the largest USDC outflows of the year.
Data Observations:
Netflow – All Exchanges:
Over $2.5 billion USDC recorded in net outflows within a short time frame.
Among the largest single outflow events recorded.
Netflow – Binance:
More than 90% of this outflow originated from Binance.
Almost identical timing and magnitude compared to the total exchanges chart.
Exchange Reserves – All Exchanges:
Total USDC reserves dropped from ~
15𝐵 𝑡𝑜 8.2B.
Exchange Reserves – Binance:
Reserves fell sharply from ~8.5𝐵 𝑡𝑜 3.9B.
Interpretation:
With USDC’s price holding steady around ~$0.99, these movements are unlikely to be immediate sell pressure.
More likely explanations include large-scale transfers to cold storage, OTC settlements, or liquidity provision for DeFi protocols.
The simultaneous drop in reserves across all exchanges and the sharp decline in Binance’s holdings supports the view that one major exchange was the main driver of this outflow.
Monitoring other stablecoins’ flows in parallel could help build a more complete picture of shifting market liquidity.
Conclusion:
This scale of USDC outflow—especially with such concentration in a single exchange—often precedes meaningful changes in market liquidity structure and may have short-term impacts on trading volumes and stablecoin demand.
Written by CryptoOnchain
