Bitcoin liquidity crunch as Binance stablecoin reserves swell and whales dump 67,000 BTC

Binance is holding about $43 billion in stablecoins, while its on‑exchange Bitcoin supply has fallen to roughly 8‑9% of the market, pushing the Bitcoin‑to‑stablecoin reserve ratio to a historic low. Nearly 70 % of stablecoins on centralized exchanges are kept on Binance, but overall stablecoin balances across all venues have been declining.

On July 13, Bitcoin whales in the 100‑to‑1,000 BTC range sold roughly 67,000 BTC, the deepest distribution since February. Exchange inflows were muted: Binance took in about 2,800 BTC, Coinbase Prime received around 1,690 BTC and Coinbase Advanced about 3,170 BTC. Netflows across exchanges fell 172 % versus baseline, with Coinbase’s inflows down 434 %. Stablecoin netflows are also negative, averaging a $169 million outflow as supply is being burned.