Bitcoin Stabilizes Around $64,000 as Stablecoin Inflows Weaken

Bitcoin is trading at $64,150, maintaining the week’s peak level. Stablecoin inflows have slipped 12%, directly contributing to the price’s sideways trajectory.

Cooling of Stablecoin Inflows

■$1.8 B worth of USDC and USDT entries fell 12% week‑over‑week.

■Active address count dropped 4.5% over a bi‑weekly period.

■Major exchange stablecoin reserves shrank by $5.3 B.

On‑Chain Dynamics and Miner Holdings

■Miner wallets’ UTXO accumulation remains steady at $1.2 B, with 68% of new block rewards held there.

■73% of mining pools preserve liquidity that supports Bitcoin staying within the $63k‑$65k range.

■On‑chain HODL ratio sits at 66%, indicating dominance of long‑term holders.

Institutional ETF Flows and Market Sentiment

■Spot Bitcoin ETFs registered in the US recorded $115 M of net new inflows this week.

■57% of institutional investors prefer to keep their positions at current levels.

■Volatility Index (VIX) stands at 17.3, reflecting low risk appetite but a still‑positive stance toward crypto.

Strategic Assessment

■Short‑term: The dip in stablecoin inflows likely confines price to a $64k‑$65k band.

■Mid‑term: ETF flows and miner liquidity dampen the risk of a sudden break, though a macro‑economic shock or regulatory event could trigger a move.

■Long‑term: A high HODL ratio underscores Bitcoin’s store‑of‑value function, paving the way for increased institutional and retail demand.

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Cem Talu
Head Strategist, Digital Assets