Bitcoin
Bitcoin Faces Muted Spot Demand and Stagnant Stablecoin Inflows
Weak on-chain liquidity and neutral spot demand contrast with Bitcoin's recent price gains as capital shifts toward Ethereum applications.
Bitcoin recorded an August price gain of more than 25%, marking its strongest monthly performance since November 2024. However, the wider stablecoin market capitalization grew by just 0.5% and failed to hold above $310 billion, signaling sluggish liquidity inflows into the asset.
On-chain metrics compiled by CryptoQuant show that despite a 45% rise from recent lows, Bitcoin's 90-day cumulative volume delta remains neutral, pointing to muted spot demand. Exchange liquidity has also contracted, with Binance's stablecoin reserves dropping by nearly $7 billion from their prior peak above $50 billion.
The report notes that rising open interest alongside subdued spot accumulation leaves Bitcoin exposed to long squeeze risks below $80,000 ahead of upcoming Federal Open Market Committee meetings. Concurrently, capital has rotated toward Ethereum, where on-chain utility has driven staking deposits to a record 42.95 million ETH and expanded euro-denominated stablecoin supply on the network by 347.3% to $848.1 million.
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