October 2025 (Peak): The market is extremely enthusiastic with the net inflow of Stablecoin into exchanges reaching a record level of +9.7 billion USD. Binance alone accounts for a large portion with 8.8 billion USD. This is the main catalyst pushing Bitcoin to its historical peak (ATH).

Currently (February 2026): The cash flow has completely reversed. After a heavy deficit in December, the market is now continuing to record a net outflow of -4 billion USD.

- The withdrawal of Stablecoin from exchanges means that "purchasing power" is being reduced. Investors are moving money to cold wallets or leaving the market to preserve capital instead of being ready to buy assets.

=> The market is in a state of "liquidity hunger". The withdrawal of Stablecoin cash flow is a signal indicating that investors (especially those who entered later) are either capitulating or exercising maximum caution, making it difficult for Bitcoin $BTC to break out strongly in the short term.