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Gate.com: Rising BTC Reserves Meet Depleted Stablecoin Liquidity
Exchange reserve data from Gate.com shows two flows moving against each other. Bitcoin is flowing into the exchange, while the stablecoin capital available to absorb it keeps shrinking. Bitcoin: inflows resume as price weakens Gate's BTC reserve has moved inversely to price throughout the period. In late August, roughly 2K BTC left the exchange (19.4K → ~17.2K) while BTC rallied from ~$64K to ~$78K. Reserves then held flat near 17K from September to mid-October, as price moved within the $76K–$87K range. Since mid-October, the trend has reversed. Reserves climbed steadily to 17.9K BTC, a net inflow of about 900 BTC, while price fell from ~$82K to $74.4K. Steady deposits onto an exchange during a decline can signal growing intent to sell. Ethereum: no comparable pressure Gate's ETH reserve stands at 142K, down about 35% from its 2025 peak near 220K. Recent months show a flat to slightly declining trend, with no inflow wave like the one seen in BTC. Stablecoins: dry powder near the period's lows ERC20 stablecoin reserves on Gate have dropped from ~$245M in May to $17.7M, a decline of about 93%. Late October and early November saw several dips to near-zero levels, close to the lows recorded in August. Demand-side liquidity looks thin. Note that this data covers ERC20 stablecoins only; liquidity held on other networks, such as TRON, is not included. Conclusion Rising BTC inflows combined with shrinking stablecoin reserves create an imbalance on Gate: more supply appears to be positioned for sale, while less capital is waiting to buy it. Until stablecoin reserves recover or BTC reserves begin declining again, near-term pressure on BTC may continue. ETH appears relatively more stable on this exchange.