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BTC Bitcoin stablecoin demand signals weaken, and BTC consolidates around US$77,000
Liquidity momentum has weakened as the 90-day stablecoin oscillator recedes from its August high of 3.74, and Bitcoin is currently trading close to US$77,000. If this indicator continues to remain within the "high demand area", it will help support the recovery of Bitcoin; conversely, if it moves closer to the zero axis, the bullish confirmation signal will weaken. Historical patterns suggest that while surges in liquidity are often accompanied by significant gains in Bitcoin, a sustained rebound will still need to be supported by sustained purchasing power and stronger demand.
Weakening demand for stablecoin purchases triggers market uncertainty
CryptoQuant analyst Zizcrypto pointed out that when Bitcoin was trading around US$77,000, stablecoin purchase demand showed signs of weakening. According to Zizcrypto analysis, the 90-day Stablecoin Supply Ratio Oscillator reached a high of 3.74 on August 21, approaching the peak of 4.00 set in November 2024, and entering a strong stablecoin purchase demand range.
However, the oscillator has begun to fall back from its high levels, raising concerns about Bitcoin's supporting liquidity. This correction also coincides with the time point when Bitcoin slipped from approximately $80,000 to the area above $77,000.
The stablecoin supply ratio measures the relationship between the market value of Bitcoin and the supply of stablecoins available in the cryptocurrency market. The oscillator tracks changes in this relationship over selected periods of time, including the latest 90-day window. CryptoQuant's calculations cover stablecoin assets such as USDT, USDC, BUSD, TUSD, USDP, GUSD, DAI and SAI. These assets typically represent funds that investors can deploy into Bitcoin when market confidence increases and buying interest recovers.
It is worth noting that during the recent market rally, the oscillator accelerated from a near-zero level when Bitcoin rebounded from about $63,000. Bitcoin then climbed to around $80,000, indicating that stronger stablecoin purchasing power has been accompanied by a broader market recovery.
Still, this indicator represents potential demand rather than confirmed Bitcoin purchases, as investors may retain their stablecoins and not enter the market. Therefore, in assessing whether liquidity supports sustained price increases, sustained intensity is more important than temporary increases.
High stablecoins 'purchasing power faces critical continuity tests
Zizcrypto emphasized that the market must now determine whether high readings of oscillators can remain in high-demand areas. If it can remain in this region, it shows that although indicators have cooled from August highs, stablecoin liquidity still has a supporting role.
In addition, if stablecoin holders start allocating more capital to Bitcoin, continued purchasing power will provide additional support for Bitcoin. This development will strengthen the link between available liquidity and actual demand in the spot cryptocurrency market.
Conversely, a break below the high purchasing power boundary will weaken the confirmation effect of the oscillator and its bullish significance. A further move towards zero suggests that the August surge represented only a temporary pulse of liquidity rather than persistent demand.
Historical signals reveal the importance of continued liquidity
Historical data shows that strong oscillator increases have accompanied several important Bitcoin gains, but the results vary widely. In November 2024, the indicator approached 4.00, and Bitcoin then entered the higher price area shown in the chart.
Positive readings also occurred during parts of 2025 when Bitcoin traded above $100,000 and hit multiple major market highs. However, as buying conditions deteriorated and Bitcoin was more broadly adjusted in early 2026, weaker readings followed.
Another positive expansion occurred around April 2026, when Bitcoin recovered towards $80,000, but the oscillator eventually fell below zero. Therefore, this incident suggests that traders need continuous readings to view increased liquidity as a durable market mechanism.
Bitcoin's current trend is still supported by higher stablecoin purchasing power, although the strongest pulse may have passed. Maintaining in high-demand areas will strengthen the recovery, while further cooling may expose Bitcoin to weaker liquidity support.
