Odaily reported that CryptoQuant analyst Axel Adler said on-chain data is pointing to structural pressure in the Bitcoin market. According to Adler, Bitcoin (BTC) is flowing into exchanges in large amounts, while stablecoin liquidity continues to move out. This simultaneous deterioration on both the supply and demand sides is described as an important reason behind Bitcoin’s roughly 22% decline from its May high.
BTC Net Exchange Flow Turns Clearly Positive
Adler noted that Bitcoin’s 30-day net exchange flow has turned decisively positive and currently stands at about +114,000 BTC. This marks a sharp change from early May, when the metric was in a net outflow range of roughly -85,000 to -115,000 BTC. In his view, that shift shows the market has moved from an accumulation phase into a distribution phase. The indicator briefly climbed to around +167,000 BTC in early June, showing that more holders were transferring BTC to exchanges and increasing exchange-side selling pressure.
Stablecoin Outflows Reduce Buying Liquidity
The stablecoin side of the market has also weakened. Adler said the 30-day moving average net flow for stablecoins remains negative and is currently around -$105 million. In early May, the same metric was still in a positive range of +$40 million to +$90 million, which represented stronger buying liquidity in the market. After turning negative in mid-May, the figure expanded in early June to roughly -$150 million to -$170 million, showing that stablecoin capital was leaving exchanges and reducing the funds available for buying.
Adler described the current setup as a combination of “increased BTC supply” and “declining stablecoin demand.” On one side, selling pressure is rising as more BTC moves onto exchanges; on the other, fresh buying power is insufficient as stablecoins leave trading venues. This combination has contributed to Bitcoin’s retreat from its May high and to a phase of lower risk appetite. For a trend reversal, Adler said both indicators would need to improve at the same time: BTC would need to return to net exchange outflows, signaling renewed accumulation by investors, while stablecoins would need to flow back into exchanges, signaling a recovery in buying capital. Until both indicators return to positive territory, short-term rebounds are more likely to be treated as technical recoveries.