#Stablecoins (ERC20) Are Reversing Between Spot & Derivative Exchanges

According to @CryptoQuant Quicktake 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.