Update
Binance's USDT Flows Reverse, Raising Concerns About Liquidity
Blockchain analytics firm Bitquery found that Binance-linked wallets transferred $23.1 billion in USDT to Tether during 2026, while receiving $15.6 billion, resulting in a $7.5 billion net imbalance. This reversal coincides with a decline in Binance's tracked Ethereum stablecoin holdings, raising questions about the exchange's liquidity and Bitcoin's recovery prospects. Binance's stablecoin holdings have since unwound, with the largest cold wallet holding $16 billion less than its peak.