20 hours ago
2
Key Takeaways:
- Total ERC20 stablecoin exchange reserves at $63.9B, down from $75B peak in November 2025.
- Reserve decline from $75B to $63.9B tracks directly with whale inflows halving.
- Recent netflow data confirms stablecoins still leaving exchanges not entering.
- Without whale activity returning, the buying power for a strong recovery is limited.
In September 2025, wallets holding over $1 million in stablecoins were sending approximately $62 billion per month into Binance on a 30-day rolling basis. Today that number sits at $33 billion. Nearly half the monthly whale stablecoin activity that characterized the peak of the bull market has quietly disappeared, and the on-chain data shows it hasn’t come back.
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