Nearly $2.3 billion in stablecoins have exited Binance and Bybit over 30 days.

Bitcoin (BTC) continues to trade in a consolidation phase, a little above the $60,000 level. The market is approaching 165 days of testing that crucial price zone despite a rally above $80,000 in May that ultimately failed to sustain momentum, according to analyst Darkfost.

The analyst pointed to a lack of fresh liquidity entering the crypto market as one of the main reasons behind Bitcoin’s inability to establish a stronger uptrend.

Stablecoin Drain

Fresh demand has struggled to materialize for both Bitcoin and the broader crypto market, the analysis said. Exchange stablecoin reserves have…