Analyst: Binance stablecoin reserves drop to near one-year low, exchange liquidity remains weak

On October 21, crypto analyst Darkfost stated that Binance's current ERC-20 stablecoin reserves are approximately $41.6 billion, having fallen back to levels seen in early October 2025, marking a near-one-year low. Since April 2026, Binance's stablecoin reserves have decreased by approximately $6.3 billion. Over the past 90 days, the market cap change has been roughly -4.7%, with a monthly average stablecoin net outflow of about $62 million.

This trend is not unique to Binance. Since April, stablecoin reserves at Bybit, Coinbase Advanced, and OKX have decreased by approximately $2.3 billion, $2.5 billion, and $2.4 billion, respectively. However, Binance currently still holds more than 70% of the total stablecoin reserves across all exchanges.

Darkfost believes that the decline in exchange stablecoin liquidity reflects investors' current caution regarding increasing exposure to crypto assets, and may also indicate that some funds are moving to other platforms to seek returns. If capital begins flowing back into exchanges, it will serve as an important signal of recovering demand.