BlockBeats News, June 12th — CryptoQuant analyst Axel Adler posted, stating that Bitcoin (BTC) is seeing continuous inflows to exchanges while stablecoin funds are being withdrawn, causing simultaneous weakening of supply and demand in the market. This has been considered a significant reason for Bitcoin's approximately 22% decline from its May high. On-chain data shows that Bitcoin's 30-day net exchange inflow indicator has shifted from a net outflow state in early May to a clear net inflow, currently standing at around +114,000 BTC. Compared to the levels of around -85,000 to -115,000 BTC in early May, the market has gradually transitioned from the accumulation phase to the distribution phase. This indicator reached around +167,000 BTC in early June, indicating that more and more holders are moving their Bitcoin to exchanges, thus increasing potential selling pressure.

Meanwhile, the stablecoin liquidity, which reflects the market's buying pressure, is diminishing. Data shows that the 30-day moving average net flow of stablecoins is currently around -$105 million, consistently remaining in negative territory. In early May, this indicator was still ranging from +$40 million to +$90 million, indicating that exchanges had ample buying power. However, it has turned negative since mid-May and expanded to around -$150 million to -$170 million in early June, signifying a continuous outflow of stablecoin funds from exchanges. Facing the dual pressure of increasing Bitcoin supply and decreasing stablecoin buying power, the market is currently at a high risk of liquidity crunch in the short term.