Stablecoin reserves held on centralized exchanges have dropped sharply from their late-2025 peak, according to data cited by BeInCrypto from CryptoQuant. The total fell from about $80 billion at the end of 2025 to roughly $64 billion, a decline of around $16 billion, or about 20%.
Among major platforms, Binance held up better than peers. Its share of exchange stablecoin reserves increased from a little over 60% to 68.5%, while Coinbase, Bybit and OKX posted more visible contractions. At the same time, onchain analytics platform Santiment said pessimistic discussion on X and Reddit, including phrases such as "crypto is dead," has continued to rise.
The crypto Fear and Greed Index now stands at 46, leaving sentiment in the fear zone. Total stablecoin supply across the market also slipped, falling from a peak of nearly $316 billion in May to $300.89 billion. That drop was smaller than the decline seen on exchanges, pointing to the possibility that some liquidity has shifted onchain rather than fully exiting the market.
Stablecoin reserves on centralized exchanges have fallen from a late-2025 high of about $80 billion to roughly $64 billion, shrinking by around $16 billion, or about 20%, according to CryptoQuant data cited by BeInCrypto.
Binance was relatively more resilient than other major exchanges. Its share of exchange stablecoin reserves climbed from a little over 60% to 68.5%. Coinbase, Bybit and OKX, by contrast, saw more pronounced reductions.
At the same time, onchain analytics platform Santiment said pessimistic language on X and Reddit, including phrases such as "crypto is dead," has continued to gain traction. The crypto Fear and Greed Index was at 46 at the time of the report, which kept it in fear territory.
Total stablecoin supply across the broader market also moved lower, slipping from a May peak of nearly $316 billion to $300.89 billion. The decline was notably smaller than the drop in exchange-held reserves, suggesting that some liquidity may have shifted onchain rather than leaving the market entirely.
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