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>>A consistent rise in Binance stablecoin withdrawals and its implications for the market

A consistent rise in Binance stablecoin withdrawals and its implications for the market

crypthub

6 days ago

Market Strain After Flash Crash

The October 10 flash crash continues to pressure major cryptocurrencies. On‑chain data shows a shift in stablecoin activity on Binance. The 7‑day moving average of total stablecoin netflow has crossed below zero, moving from inflows to outflows. This change highlights lingering market weakness.

Stablecoin Outflows on Binance

Both TRC20 (including USDT) and ERC20 stablecoins are exiting the exchange in sizable spikes over the past two days. The net outflow signals reduced demand for riskier assets as traders pull capital from volatile markets. Analysts view this as a weakening “buy the dip” appetite. Historically, such capital flight precedes stronger bearish pressure.

Short‑Term Outlook and Prices

Bitcoin is trading near $111,400, up about 0.54% in the last day, while Ethereum is around $3,936 with similar modest gains. The total stablecoin market cap sits at $319 billion, up 0.14% daily. These slight upticks contrast with the broader trend of market caution. Continued outflows may deepen short‑term downside risk.