According to Wu Blockchain, CryptoQuant analyst Darkfost tweeted that over the past 30 days, Binance's stablecoin reserves saw a net outflow of approximately $1.55 billion, while Bybit experienced a net outflow of around $786 million, totaling about $2.3 billion. He believes that the continuous decline in exchange stablecoin reserves since the beginning of the year reflects reduced new demand and liquidity contraction, limiting Bitcoin's ability to break out of its current consolidation range.