According to Golden Finance, analysts at CryptoQuant published an article saying that the crypto market has continued to be sluggish in recent times, and demand for Bitcoin and other major assets has weakened. Data shows that the continued decline in Binance's stablecoin reserves (especially USDT and USDC) is a key reason for this trend. As the main source of market liquidity, stablecoins have reduced reserves that directly affect the purchasing power and market activity of cryptocurrencies. Since the beginning of 2025, Binance's USDT and USDC reserves have decreased week by week, indicating that the market's purchasing power has declined, new capital inflows are limited, and market buying pressure has weakened, which is consistent with Bitcoin's recent performance that it is difficult for it to break through key resistance levels. Analysts believe that if stablecoin reserves continue to decline, cryptocurrency market liquidity may tighten further, delaying any major uptrend. On the contrary, if reserves rebound, it may indicate a new capital inflow and a recovery in demand.