Binance USDT(ETH) Netflow Averages +$80.8M Daily, the Highest of the Six-Month Window

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Binance USDT(ETH) netflow averaged +80,777,190 daily in the week ending September 21, while USDC on the same venue ran −69,995,707. Binance’s USDT(ETH) Exchange Supply Ratio reached 0.4349, its six-month high.

Two stablecoins moved in opposite directions on the same exchange. USDT(ETH) inflow to Binance rose 17.7% month-over-month while USDC inflow held near flat; USDC outflow rose 27.9%. Binance’s aggregate stablecoin reserve stood at $43.59B, up just 0.33% weekly — the split between the two coins was larger than the net change itself.

One candidate explanation, unverified: capital may be rotating between stablecoin rails rather than exiting risk assets.

Diverging flows within a single venue create conditions that historically preceded rebalancing more often than directional capital flight.

“For now, the clearest reading is that money changed stablecoins before it changed its mind.”