According to CryptoQuant data on the two charts — Spot Exchanges Supply Ratio and Derivative Exchanges Supply Ratio.

These two indicators have shown a clear inverse movement, especially in recent months:

As Spot Ratio rises → more stablecoins are concentrating on spot exchanges.

As Derivative Ratio falls → stablecoins are withdrawing from derivative (futures/perps) exchanges.

Currently, stablecoin flows are shifting from Derivative to Spot.

The Exchange Supply Ratio reflects the proportion of stablecoins held on exchanges relative to total ERC20 supply, helping observe capital movement between the two types of venues.

Throughout BTC’s recent consolidation period, even as leverage increased during price recoveries, the market appears to be leaning toward a more cautious sentiment — with stablecoin flows favoring spot exchanges

Written by Rei Researcher