Stablecoin supply has spiked to bear market levels, suggesting buyers could soon spark another leg up for the Bitcoin (

The chart below shows that stablecoin reserves on Binance are rising, while BTC reserves are shrinking, “a pattern that, time and again, has occurred right before market recoveries,” the analyst said, adding:

“We’re witnessing a liquidity configuration that has only appeared a handful of times since 2020, and each instance marked a pivotal moment for Bitcoin’s trajectory.”

The growing stablecoin supply suggests that there is an increasing amount of sidelined capital that can be deployed into the crypto market.

Historically, this pattern tends to emerge during phases of structural capitulation or seller exhaustion, when weak hands exit and strong hands begin to accumulate quietly.

André Dragosch, the European head of research at investment company Bitwise, shared a chart showing the short-term holder seller exhaustion constant has recorded the lowest value since August 2023.

This metric reaches such levels when volatility is low, but losses realized onchain are high, signaling seller exhaustion.

Similar levels in the past preceded volatility to the upside, with the last one leading to a 190% in BTC price to $74,000 in March 2024 from $25,300 in August 2023.

Sellers exhausted ✅ pic.twitter.com/ROTggxDKfy

— André Dragosch, PhD⚡ (@Andre_Dragosch) November 11, 2025

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“The Risk-Off Signal has shifted back to a low-risk regime, showing that selling pressure is easing as Bitcoin recovers,” private wealth manager Swissblock said in its latest BTC analysis, adding:

“BTC now needs to reclaim $108.5K–$110K, confirming recovery as risk stabilizes and goes to 0.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.