CryptoQuant’s newest on‑chain report shows that almost 50 % of the total circulating stablecoin supply has remained idle on exchanges for more than a year, signaling cautious behavior among investors.
Stablecoin Dormancy on Exchanges
Since December 2024, the exchange supply ratio has been locked between 0.40 and 0.46, meaning that 40 % to 46 % of all circulating stablecoins sit on trading platforms. This proportion has barely shifted over the past 18 months despite ongoing market turbulence. Analysts interpret the static liquidity structure as a sign that investors prefer to keep a cash cushion in stablecoins while awaiting clearer price signals.
Bitcoin Price Swings and Liquidity Landscape
From late 2024 onward, Bitcoin surged toward a record high close to $125,000 before retreating to roughly $60,000, creating a roller‑coaster effect for the crypto market. During this volatility, the exchange supply ratio moved by only about five percentage points, underscoring that liquidity stayed plentiful yet highly selective. CryptoQuant notes that minor shifts in investor confidence or risk appetite can still trigger outsized price swings in Bitcoin.
Binance’s Share of Stablecoin Reserves
Global exchange Binance consistently controls between 25 % and 30 % of the world’s total stablecoin supply. This dominance translates into more than half of all stablecoins held on