A reversal in Binance's USDT transactions and declining stablecoin balances add another uncertainty to the market's recovery prospects.

Binance's stablecoin flows with Tether have reversed by nearly $14 billion, raising concerns about declining liquidity at the world's largest crypto exchange.

An Oct. 22 investigation by blockchain analytics firm Bitquery found that Binance-linked wallets transferred $23.1 billion in USDT to Tether during 2026 while receiving $15.6 billion, leaving a $7.5 billion net imbalance toward the issuer. That compares with a $6.4 billion net inflow during all of 2025.

The reversal coincides with a decline in Binance's tracked Ethereum stablecoin holdings from $43.9 billion in April to $38.8 billion on Oct. 22. The findings raise questions about how much buying power remains available on the exchange as Bitcoin struggles to regain momentum around $80,000.

Binance accumulated substantial stablecoin holdings throughout 2025, with its identified Ethereum wallets reaching a record $45.6 billion in November, more than triple their October 2024 balance.

That accumulation has since unwound. Stablecoin holdings slipped to $39.5 billion by July before falling to their lowest level since September 2025 this month, suggesting a decline spread over several months rather than a single withdrawal event.

The movement was most pronounced in Binance's largest cold wallet, which held about $28 billion in USDT at its peak but carried$16 billion on Oct. 22.

2 billion over the same period. Bitquery accounted for those internal transfers when calculating the exchange's aggregate holdings, separating movements between Binance-controlled addresses from the broader reduction.

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