$2.3 Billion Stablecoin Outflows Hit Binance and Bybit

Cryptocurrency exchanges Binance and Bybit have faced a significant loss of liquidity due to a massive stablecoin outflow of approximately $2.3 billion over the last 30 days.

The data, shared by CryptoQuant analyst @Darkfost_Coc, shows that nearly $1.55 billion in reserves decreased on Binance, while Bybit saw an outflow worth approximately $786 million.

This sharp decline, especially in ERC20-based assets, has led to a significant narrowing of the exchanges' liquidity pools.

The European Union's MiCA regulations are seen as one of the primary reasons for this fund movement, with analysts suggesting that users are withdrawing their assets from exchanges and turning to self-custody methods or on-chain yield products due to increasing regulatory pressure.