[Analysis] "Stablecoin holdings revert to 2024 levels… liquidity squeeze in crypto assets persists"

As the crypto asset (cryptocurrency) market continues its correction since October 2025, an analysis says stablecoin holdings have returned to 2024 levels, extending the trend of tightening liquidity.

According to Darkfost, a contributor to CryptoQuant, Binance’s stablecoin holdings fell from $50.9 billion to $41.4 billion. This represents a net outflow of about $9.5 billion, a contraction of 18.6%. In particular, roughly $10 billion worth of stablecoins has left the exchange since November 13, and current holdings have declined to those levels for the first time since October 2024. This suggests investors are gradually reducing their market exposure.

Stablecoin holdings are a key liquidity indicator that reflects the amount of sidelined capital in the crypto asset market. An increase in holdings expands capacity for new buying, while a decline implies cashing out or the potential movement of funds into external assets. Binance still accounts for about 64% of total stablecoin holdings across exchanges, but the fact that meaningful capital outflows are occurring at the largest exchange is seen as a structural headwind for the market.

The macro backdrop is also not supportive. Federal Reserve Governor Christopher Waller has noted that “if the February employment data comes in strong, it is likely the current rate stance will be maintained.” A high real-rate environment acts as a constraint on inflows into risk assets. At the same time, global capital is showing a shift toward AI-related equities and precious metals markets.

Darkfost assessed that “for the market to regain stability, a liquidity reversal driven by fresh stablecoin inflows is needed,” adding that “if the current net-outflow trend continues, the price recovery is likely to remain confined to a limited range.”