Binance Sees $115M Daily Stablecoin Outflows

Binance recorded average daily stablecoin outflows of $115 million last week after two large single-day withdrawals — $997 million on June 26 and $838 million on July 7. On-exchange USD Coin (USDC) reserves on Binance declined about 21% month-over-month.

Blockchain analytics identified the June 26 and July 7 withdrawals as anomalies and calculated the seven-day net outflow rate at roughly $115 million per day. Tether (USDT) also registered large single-day outflows during the period.

Data tracking the two largest dollar-pegged stablecoins shows the combined 30-day market-cap change moved from about zero in mid-May to negative $4.2 billion in early June and around negative $3.2 billion more recently.

On-chain analysts reported the monthly average of stablecoin inflows to exchanges fell about 18%, from $3.20 billion to $2.65 billion, over the most recent month tracked. Researchers monitoring exchange balances documented funds moving off centralized exchanges into decentralized finance platforms, cold storage, and over-the-counter desks.

Market activity before July 8 included rising leverage and concentrated long positions in bitcoin. After geopolitical news on July 8, blockchain data shows roughly $300 million of long positions were liquidated and bitcoin prices moved lower from a brief peak near $64,000.

Combined, the on-chain metrics show a reduction in stablecoin reserves held on exchanges and a decline in stablecoin market capitalization in dollar terms. The reported figures are based on blockchain analytics and exchange balance tracking over the past month.