[CryptoQuant Analyst: BTC Exchange Inflows Surge to 114,000, Stablecoin Outflows Weaken Buying Pressure, Causing Structural Market Stress] CryptoQuant analyst Axel Adler stated that Bitcoin (BTC) is flowing into exchanges in large quantities, while stablecoin liquidity continues to flow out. This simultaneous deterioration on both the supply and demand sides of the market is considered a key reason for Bitcoin's approximately 22% decline from its May peak. 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 state of around -85,000 to -115,000 BTC in early May, the market has shifted from an accumulation phase to a distribution phase. This indicator briefly rose to about +167,000 BTC in early June, indicating that more holders are transferring BTC to exchanges, increasing potential selling pressure. At the same time, the 30-day moving average net flow of stablecoins remains in negative territory, currently around -$105 million.