All-Exchange Stablecoin Reserves Rank in First Percentile

All-exchange stablecoin reserves totaled $60.62 billion on Oct. 24, a reading in the first percentile of the prior year’s range, while Bitcoin traded near the $80,000 mark Monday.

Bitcoin (BTC) was $80,672, up 0.21% over 24 hours, as of 11:23 a.m. ET (15:23 UTC) Monday.

The percentile compares the Oct. 24 total with readings from the prior year and puts it near the bottom of that range. All-exchange stablecoin net flow was negative $34.2 million that day, while its seven-day average was negative $93.9 million. The Coinbase Premium Index stood at -0.1465.

The reserve total and Binance’s spot order book measure different things: exchange-wide stablecoin balances and bids at a specific Bitcoin price. By Oct. 20, Binance’s spot order book showed renewed bid depth near $80,000, although it remained below an earlier high. A displayed bid is an open order, not a completed purchase, and can be canceled before execution.

CryptoOnchain wrote, “For now, the clearest reading is that exchange-side buying capacity is thinner, while leverage has not yet stretched.”