Nearly a quarter of all stablecoins are now sitting on exchanges, largely unused and waiting for direction.
Stablecoin supply has climbed to a record $314 billion in 2025, with $69 billion now parked on centralized exchanges, according to the latest data from CryptoQuant.
The scale and concentration of this liquidity, much of it sitting idle, have sharpened focus on whether the market is primed for its next major move once sentiment flips.
$69B in Stablecoins Cluster on Binance as Liquidity Waits
CryptoQuant contributor Crazzyblockk wrote on December 29 that exchange-held stablecoin reserves stand at $69 billion, representing about 22% of the entire stablecoin market. Binance alone holds $49 billion, or roughly 71% of all exchange-based stablecoin buying power, making it the single largest pool of deployable capital in crypto.
Crazzyblockk’s analysis also revealed a striking gap between venues, with OKX following with around $10 billion, while Bybit holds close to $3 billion. Together, the top three exchanges control about 94% of exchange stablecoin reserves, with the market watcher describing this concentration as crypto’s largest liquidity pool to date.
December data shows capital has not rushed in yet. Some $8 billion in stablecoins left exchanges during the month, including $3 billion from Bybit and about $2 billion from Binance, while OKX stayed near the $10 billion mark. But even after these outflows, Binance still holds close to 15% of the entire global stablecoin supply.
CryptoQuant’s view is that such reserves matter most when sentiment changes. Exchanges with deeper pools can deploy capital first, and with over two-thirds of exchange liquidity on Binance, much of the initial buying pressure would likely pass through a single venue if risk appetite returns.
Crazzyblockk added that on-chain activity has dropped by about 40%, while whales accumulated around 20,000 BTC and futures open interest expanded by $2 billion, leaving everything in place for a market move except the trigger.
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Market Signals Mixed as Bitcoin Struggles Near Resistance
Bitcoin rebounded earlier today to around $90,000, up about 2% in 24 hours, before meeting resistance. Meanwhile, Ethereum (ETH) reclaimed $3,000, while major altcoins such as BNB and XRP also bounced, suggesting short-term relief across the market.
Still, experts remain split. One of them, CW, noted that retail traders and whales were buying at the same time, particularly on Binance, while Ali Martinez warned the move could be another short-lived rebound, pointing to negative capital flows and continued spot ETF outflows.
Analyst nino added another layer of caution using derivatives data. According to them, Bitcoin futures funding rates are quite high across 72-hour averages, a sign that leverage has not fully reset. Without that cooling, the market may struggle to sustain a stronger recovery.
Looking ahead, macro expectations for 2026, including easier monetary policy and possible capital rotation into risk assets, have kept longer-term optimism alive. However, for now, the record stablecoin stockpile shows capital is ready, but patience is still the dominant trade until a clearer catalyst appears.
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