$BTC pumped 34% since early July but stablecoin supply barely moved — only +1% from $309B to $312.2B. Still under the May peak of $320.9B. $USDT flat at ~$184B.
So what's actually bidding $BTC up? Not fresh on-chain dollars. Either it's off-chain capital (ETFs, institutional flow) or leverage doing the heavy lifting.
Stablecoin supply usually leads price action. This divergence? Either a rotation play or we're due for a liquidity injection soon. Watch the gap.
So what's actually bidding $BTC up? Not fresh on-chain dollars. Either it's off-chain capital (ETFs, institutional flow) or leverage doing the heavy lifting.
Stablecoin supply usually leads price action. This divergence? Either a rotation play or we're due for a liquidity injection soon. Watch the gap.