Foreign media reports that the crypto market has recently failed to keep pace with the rebound of some global risk assets. The flow of stablecoins on exchanges and the performance of Bitcoin relative to US stocks both indicate that funds remain cautious.
A reversal in capital flows occurred in May.
The article cites Binance's stablecoin net outflow data, stating that the platform experienced a net outflow of approximately $1.2 billion in May, a significant reversal from the net inflow of approximately $2.5 billion in March and approximately $750 million in April. The report suggests this reflects investors' tendency to reduce risk exposure in a volatile environment.
Binance reserves fall to $44 billion
The report noted that since November 2025, Binance's stablecoin reserves have decreased by approximately $7 billion, recently falling to about $44 billion. If this trend continues, it means that some funds have not flowed back into the exchange, but have instead continued to withdraw from the trading platform or shift to lower-risk assets.
For the crypto market, stablecoins are often seen as a direct indicator of exchange liquidity. A decline in exchange reserves often means reduced buying power and weakens short-term risk appetite.
US and Japanese bond yields continued to rise.
The article links this weak performance to the macroeconomic environment. The report mentions that the escalating tensions in West Asia and the closure of the Strait of Hormuz have fueled concerns about oil-driven inflation and led the market to re-priced in tighter monetary conditions.
In contrast, the yield on the 10-year U.S. Treasury note rose to 4.63% on May 19, returning to levels seen around January 2025; the yield on the 10-year Japanese government bond rose to 2.81% in the past 24 hours, a record high.
Bitcoin continues to underperform US stocks this year
The report, citing Curvo data, stated that since 2025, Bitcoin has fallen by 17%, while the S&P 500 has risen by 5%. This gap has not narrowed in 2026.
Year-to-date, Bitcoin has fallen 15.54%, while the S&P 500 has risen 11.78%. Based on this, the article argues that the market has not yet returned to a phase of fully pursuing high-risk assets, and capital rotation still leans more towards assets with lower volatility.
- Binance stablecoins saw a net outflow of approximately $1.2 billion in May.
- Since November 2025, related reserves have decreased by approximately $7 billion.
- Binance's latest stablecoin reserves are approximately $44 billion.
