PANews reported on June 13 that CryptoQuant analyst Axel Adler stated that Bitcoin (BTC) is flowing into exchanges in large quantities, while stablecoin liquidity continues to flow out, and the simultaneous deterioration of both the supply and demand sides of the market is considered a major reason for Bitcoin's decline of about 22% from its May high.

Data shows that Bitcoin's 30-day net exchange flow indicator has turned significantly positive, currently at approximately +114,000 BTC. Compared to the net outflow of approximately -85,000 to -115,000 BTC in early May, the market has shifted from an accumulation phase to an allocation phase. This indicator briefly rose to approximately +167,000 BTC in early June, indicating that more holders were transferring BTC to exchanges, increasing potential selling pressure.

Meanwhile, the 30-day moving average net inflow of stablecoins has remained negative, currently at approximately -$105 million. In early May, this indicator was in the range of +$40 million to +$90 million, representing strong buying liquidity in the market; however, it turned negative after mid-May and widened to approximately -$150 million to -$170 million in early June, indicating that stablecoin funds are leaving exchanges and the market's "ammunition" is dwindling.