In its latest Bitcoin market assessment, the crypto analytics platform CryptoQuant noted that the reduction in stablecoin supply is making the risks in derivatives markets increasingly apparent. The analysis found that the current market structure has become more complex compared to previous cycles. According to the report, while Bitcoin's price continues to fluctuate within a sideways range, the total supply of stablecoins, a key liquidity indicator in the crypto ecosystem, continues to decline. This indicates a weakening inflow of new funds into the market and a decrease in buying demand in the spot market. Conversely, an increase in stablecoin reserves on derivatives exchanges should be noted.