Bitcoin Holds Near $65K as Offshore Stablecoin Demand Rebuilds Sharply

TLDR:

• Bitcoin closed at $64,914 on August 8 as offshore stablecoin liquidity began rebuilding fast. 
• Stablecoin netflow into Binance surged 218% weekly and over 637% versus its 90-day baseline. 
• Upbit netflows spiked over 7,500% versus quarterly average, signaling sudden Korean market activity. 
• Analysts project Bitcoin’s next cycle top between $184,200 and $230,200 under base scenarios. 

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Bitcoin closed at $64,914 on August 8, holding near the upper edge of its recent consolidation range. Price movement stayed muted throughout the session, yet capital flows told a different story.

Data shows a geographic repositioning taking shape beneath the surface, with liquidity shifting away from US markets toward offshore trading hubs.

This divergence between price and flow patterns has drawn attention from analysts tracking on-chain activity.

US Demand Softens While Offshore Liquidity Builds

US spot demand has shown clear signs of fatigue in recent weeks. The Coinbase Premium Index stayed in negative territory over the past two weeks, peaking at just -0.05.

This weak reading points to soft institutional bidding from American buyers during the period. Meanwhile, mid-to-long-term holders remain active in a subtle but persistent way.

Spending behavior across coins aged 1.5 to 5 years stays elevated against quarterly baselines. This pattern keeps Coin Days Destroyed relatively high compared to recent norms. Older supply continues entering circulation even as fresh demand from US buyers cools noticeably.

Source: Cryptoquant

Outside the US, dry powder appears to be staging rapidly on global and Asian exchanges. Stablecoin netflow into Binance surged roughly 218% week-over-week, according to on-chain data. Against its 90-day baseline, that inflow climbed more than 637%, with the 7-day average crossing $81 million.

Upbit recorded an even sharper spike, with netflows jumping over 7,500% versus its quarterly average. This points to a sudden injection of localized capital within the Korean market specifically. Binance’s actual Bitcoin netflows remain choppy day-to-day despite the stablecoin buildup underway.

Cycle Projections Point Toward Higher Bitcoin Targets

Analyst @ArdiNSC recently offered a framework for Bitcoin’s next cycle top, assuming $57,000 holds as the final cycle low.

The previous bottom-to-top move produced roughly an 8.08x return for holders. That projection assumes the next cycle retains only 40-50% of the prior multiple as Bitcoin matures further.

This diminishing-return approach mirrors the historical rate of compression seen between past cycles. Under the base case, the formula yields a projected top near $184,200. Raising the diminishing factor to 0.50 pushes that figure closer to $230,200 instead.

A stronger supercycle scenario, retaining 60% of the previous multiple, produces a 4.85x return. That outcome would extend the upper band toward roughly $276,200 at the extreme end. Each $1,000 shift in the eventual bottom moves these projections by proportional amounts across all three cases.

Combined with the current liquidity divergence, these projections suggest capital is positioning ahead of any confirmed breakout.

Older supply moving while US premiums fade historically preceded regional-led volatility rather than immediate breakouts. Whether staged offshore liquidity converts into spot execution remains the key variable traders are watching closely now.

 

The post Bitcoin Holds Near $65K as Offshore Stablecoin Demand Rebuilds Sharply appeared first on Blockonomi.

Source: https://blockonomi.com/bitcoin-holds-near-65k-as-offshore-stablecoin-demand-rebuilds-sharply/