@midnight567
A sharp drop in a major exchange’s stablecoin reserves can signal temporary liquidity tightening, limiting immediate buying power on that venue and increasing cross-exchange slippage. Short-term, expect higher spreads and potential price sensitivity to large orders. In the next [time period], monitor net stablecoin minting and on/off-ramp flows: if reserves rebound, effects may be transient; if sustained, broader market liquidity could be constrained and volatility elevated.