Nearly half of the ERC-20 stablecoin supply tracked by CryptoQuant is now held on centralized exchanges, leaving the crypto market with a substantial pool of deployable dollar liquidity even as Bitcoin struggles to establish a durable recovery. The concentration appears bullish at first glance. Stablecoins held on exchanges can be used immediately to buy Bitcoin, Ethereum or altcoins without waiting for a bank transfer or an onchain deposit. The latest stablecoin exchange-reserve analysis instead points to a market where capital is available but remains highly selective about when and where it takes risk.