While broader macroeconomic conditions steadied somewhat and global financial markets improved in May, the crypto market’s recovery seemed to hit a stumbling block. Bitcoin, the world’s largest cryptocurrency, appears set to end the month in the red after an impressive price action in the beginning.
Binance Stablecoin Netflows Turn Negative In MayAccording to data from CryptoQuant, Binance was dominated by stablecoin outflows totaling approximately $1.2 billion in May. This figure is in stark contrast to the past two months, where the exchange recorded $2.5 billion and $870 million in March and April, respectively.
Darkfost wrote in the Quicktake post:
As a result, Binance, which still holds the largest share of stablecoin reserves with an estimated market dominance of nearly 68%, continues to see its stablecoin balances decline as users withdraw funds from the platform.
What’s Happening With Bitcoin?Darkfost further explained that the price of BTC, for instance, has yet to establish a sustainable uptrend supported by consistent liquidity, despite early signs of a resurgence in the second quarter of the year. These poor liquidity conditions have also been spotlighted by the dwindling demand in the spot market, which has stunted the growth of the premier cryptocurrency.
As of this writing, the price of BTC stands at around $73,826, reflecting an almost 4% drop in the past week.
