Why Does Bitcoin Keep Losing Steam? On-Chain Data Has a Clue

Binance’s stablecoin reserves have dropped to $41.6 billion, a one-year low, after $6.3 billion left the exchange since April. The drain is market-wide, and it is starving crypto rallies of fresh buying power. Prices have not collapsed. Bitcoin (BTC) trades near $83,350, roughly 4% below its September peak. However, the cash needed to push it higher keeps shrinking. How Far Has Binance’s Cash Pile Fallen? Binance’s ERC-20 stablecoin balance peaked near $51 billion in late November 2025, according to CryptoQuant data shared by analyst Darkfost. It has since lost roughly $9 billion. As a result, reserves are back at levels last seen in early October 2025. A spring recovery briefly lifted the balance to about $48 billion in early May.

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