Bitcoin — Liquidity Is Rotating Offshore 🌍 $BTC closed at $64,914, while US spot demand remains weak and the Coinbase Premium stays negative. Meanwhile, Binance stablecoin netflows surged 218% WoW and 637% above the 90D baseline, with the 7D average above +$81M. Upbit activity also exploded, with netflows rising more than 7,500% vs. the quarterly average, signaling renewed Korean market activity. At the same time, older BTC holders remain active, keeping CDD elevated and adding supply-side pressure. The key divergence: US demand is fading while offshore dry powder is rebuilding — setting the stage for regional volatility or a prolonged range. The next trigger is whether this staged liquidity finally converts into actual spot buying. #Bitcoin #BTC #Binance #Upbit #Stablecoin